Periodically driven quantum systems can be used to realize quantum pumps, ratchets, artificial gauge fields and novel topological states of matter. Starting from the Keldysh approach, we develop a formalism, the Floquet-Boltzmann equation, to describe the dynamics and the scattering of quasiparticles in such systems. The theory builds on a separation of time-scales. Rapid, periodic oscillations occurring on a time scale T0 = 2π/Ω, are treated using the Floquet formalism and quasiparticles are defined as eigenstates of a non-interacting Floquet Hamiltonian. The dynamics on much longer time scales, however, is modelled by a Boltzmann equation which describes the semiclassical dynamics of the Floquet-quasiparticles and their scattering processes. As the energy is conserved only modulohΩ, the interacting system heats up in the long-time limit. As a first application of this approach, we compute the heating rate for a cold-atom system, where a periodical shaking of the lattice was used to realize the Haldane model [1].Periodically modulated quantum systems can effectively be described by a static Hamiltonian. This theoretical concept has recently evolved into a major experimental tool used by many groups to generate new states of matter.Early experiments [2,3] used, for example, that one can effectively change the strength as well as sign of the hopping of atoms in an optical lattice, allowing to realize new types of band structures. Periodic driving has also be used to realize directed transport in quantum ratchets [4]. More recently, the realization of emergent Gauge fields and topological band structures has been at the focus of many studies. Examples of such experiments include the generation of Gauge fields and superfluids with finite momentum [5,6], the generation of topological quantum walks [7] and of effective electric fields in a discrete quantum simulator [8], the realization of (Floquet-) topological insulators with photons [9], the generation of spin-orbit coupling [10], the direct measurement of Chern numbers and Berry phases in the Hofstadter Hamiltonian [11,12] and quantized charge pumps [26].In a periodically driven system, the Hamiltonian has only a discrete time-translational symmetry, H(t + T 0 ) = H(t). As a consequence, the total energy is not conserved but quantized changes of energy are possible, ∆E = nhΩwith Ω = 2π/T 0 and n ∈ Z. For non-interacting systems the absence of energy conservation has mostly no effect. The situation is, however, different when interactions in a many-particle system are considered. For a generic closed system, one can expect that in the longtime limit, t → ∞, the system approaches the state with the highest entropy consistent with the conservation laws. In the absence of some cooling mechanism, e.g., by an external bath [27] or by emitting radiation, one can therefore expect that generic interacting Floquet systems heat up to infinite temperatures [28] (an exception are many-body localized systems [29]). This important (and well-known) aspect has received relativel...