In this article aspects of photon-photon physics related to the structure of real and virtual photons are reviewed. A re-calculation of the virtual photon-photon box is performed and some discrepancies in the literature are clarified. A useful compilation of various relevant limits derived from the most general expressions is provided. Furthermore, structure functions of spin-averaged, transverse and longitudinal virtual target photons are defined and discussed. Finally, the factorization of two-photon processes in the Bjorken limit is demonstrated to hold also for the case of virtual target photons.