Field theory tools are applied to analytically study fluctuation and correlation effects in spatially extended stochastic predator-prey systems. In the meanfield rate equation approximation, the classic Lotka-Volterra model is characterized by neutral cycles in phase space, describing undamped oscillations for both predator and prey populations. In contrast, Monte Carlo simulations for stochastic two-species predator-prey reaction systems on regular lattices display complex spatio-temporal structures associated with persistent erratic population oscillations. The Doi-Peliti path integral representation of the master equation for stochastic particle interaction models is utilized to arrive at a field theory action for spatial Lotka-Volterra models in the continuum limit. In the species coexistence phase, a perturbation expansion with respect to the nonlinear predation rate is employed to demonstrate that spatial degrees of freedom and stochastic noise induce instabilities toward structure formation, and to compute the fluctuation corrections for the oscillation frequency and diffusion coefficient. The drastic downward renormalization of the frequency and the enhanced diffusivity are in excellent qualitative agreement with Monte Carlo simulation data.Population oscillations in Lotka-Volterra models 2 the biological complexity provides the opportunity to consistently incorporate stochastic fluctuations and spatio-temporal correlations, whose crucial importance has long been recognized in the field [5].This paper addresses predator-prey competition models that are defined via reaction-diffusion systems on a regular d-dimensional lattice, and whose rate equations in the well-mixed mean-field limit reduce to the two coupled ordinary differential equations originally introduced independently by Lotka [6] and Volterra [7] nearly a century ago. These stochastic spatial predator-prey models have served as paradigmatic examples for the emergence of cooperative steady states in the dynamics of two competing populations [8]-[10] (see also Ref. [11] for a fairly recent overview). The deterministic Lotka-Volterra rate equation model is characterized by a neutral cycle in phase space, describing regular undamped nonlinear population oscillations with the unrealistic feature that both predator and prey population densities invariably return to their initial values. In contrast, computer simulations of sufficiently large stochastic Lotka-Volterra systems yield long-lived erratic population oscillations [12]- [19], whose persistence can be understood through a resonant stochastic amplification mechanism [20] that drastically extends the transient time interval before any finite system ultimately reaches its absorbing stationary state, where the predator population becomes extinct [21,22]. In spatially extended systems, the mean-field Lotka-Volterra reaction-diffusion equations allow for traveling wave solutions [23]- [25]. In the corresponding stochastic lattice realizations, these regular wave crests become spreading activity fro...