An overview of ongoing activities on heavy ion fusion (HIF) in Russia, Europe, the USA and Japan is presented. In this phase, the activities are oriented towards theoretical and experimental investigations of the state of matter under extreme conditions, experimental and theoretical study on heavy ion beam-plasma interaction, powerful driver issues and development of computer codes for comprehensive numerical simulations of heavy ion driven inertial fusion. In the context of the new-generation facilities at GSI-Darmstadt and ITEP-Moscow, considerations are focused on large synchrotron rings and high current accumulator rings which would be important tools for investigations in the physics of dense plasmas and inertial fusion. Numerous national and international collaborations on HIF research are proceeding effectively towards development of a new energy source that is abundant, safe, environmentally acceptable and economical.