We have long known that water and hydroxyl are important components in meteorites and asteroids. However, in the time since the publication of Asteroids III, evolution of astronomical instrumentation, laboratory capabilities, and theoretical models have led to great advances in our understanding of H 2 O/OH on small bodies, and spacecraft observations of the Moon and Vesta have important implications for our interpretations of the asteroidal population. We begin this chapter with the importance of water/OH in asteroids, after which we will discuss their spectral features throughout the visible and near-infrared. We continue with an overview of the findings in meteorites and asteroids, closing with a discussion of future opportunities, the results from which we can anticipate finding in Asteroids V. Because this topic is of broad importance to asteroids, we also point to relevant in-depth discussions elsewhere in this volume.1 Water ice sublimation and processes that create, incorporate, or deliver volatiles to the asteroid belt Accretion/Solar system formation 1.1The concept of the "snow line" (also known as "water-frost line") is often used in discussing the water inventory of small bodies in our solar system. The snow line is the heliocentric distance at which water ice is stable enough to be accreted into planetesimals. The placement of the snow line has varied in different models. A location just inside Jupiter helps explain the greater mass of the giant planets as they accrete a larger fraction of the mass in the solar nebula. Although the location of the snow line before and during planet formation is uncertain, some studies show it may have fallen within the asteroid belt (Lunine, 2006). The location of the snow line in our solar system coinciding with the asteroid belt is consistent with observations of disks around other stars (e.g., Su et al., 2013), where planetesimal rings tend to coincide with the snow line around those stars. However, it seems the relatively simple concept of a static snow line requires revisions in light of new results on several fronts. For instance, the snow line likely moved with time as the Sun's luminosity changed early in solar system history (e.g., Martin and Livio, 2012). Even though there is no agreement on the details of planetesimal formation and growth, some models favor the growth of ~100 km-scale planetesimals directly from cm-scale pieces Cuzzi et al., 2010; for a dissenting view see Weidenschilling, 2011). Hence, the timing of those assemblies as conditions change could have a strong influence on the amount of radioactive elements present in a planetesimal's interior and on its rock-to-ice ratio, further complicating the concept of a snow line. Recent observations also point to a more complex picture. For example, the concept of an asteroid-comet continuum, where there is no clear boundary between primitive asteroids and cometary nuclei (e.g., Gounelle, 2011) is gaining support and is consistent with the intermittent cometary behavior of some main belt and near-E...