We review some aspects of current knowledge regarding the decay of metastable phases in many-particle systems. In particular we emphasize recent theoretical and computational developments and numerical results regarding homogeneous nucleation and growth in kinetic Ising and lattice-gas models. An introductory discussion of the droplet theory of homogeneous nucleation is followed by a discussion of Monte Carlo and transfer-matrix methods commonly used for numerical study of metastable decay, including some new algorithms. Next we discuss specific classes of systems. These include a brief discussion of recent progress for fluids, and more exhaustive considerations of ferromagnetic Ising models (i.e., attractive lattice-gas models) with weak long-range interactions and with short-range interactions. Whereas weak-long-range-force (WLRF) models have infinitely long-lived metastable phases in the infinite-range limit, metastable phases in short-range-force (SRF) models eventually decay, albeit extremely slowly. Recent results on the finitesize scaling of metastable lifetimes in SRF models are reviewed, and it is pointed out that such effects may be experimentally observable.