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Abstract-Network Function Virtualization (NFV) has drawn significant attention from both industry and academia as an important shift in telecommunication service provisioning. By decoupling Network Functions (NFs) from the physical devices on which they run, NFV has the potential to lead to significant reductions in Operating Expenses (OPEX) and Capital Expenses (CAPEX) and facilitate the deployment of new services with increased agility and faster time-to-value. The NFV paradigm is still in its infancy and there is a large spectrum of opportunities for the research community to develop new architectures, systems and applications, and to evaluate alternatives and trade-offs in developing technologies for its successful deployment. In this paper, after discussing NFV and its relationship with complementary fields of Software Defined Networking (SDN) and cloud computing, we survey the state-of-the-art in NFV, and identify promising research directions in this area. We also overview key NFV projects, standardization efforts, early implementations, use cases and commercial products.