Current R&D activities on materials for fusion power reactors are mainly focused on plasma facing, structural and tritium breeding materials for plasma facing (first wall, divertor) and breeding blanket components. Most of these activities are being performed in Europe, Japan, the People's Republic of China, Russia and the USA. They relate to the development of new high temperature, radiation resistant materials, the development of coatings that will act as erosion, corrosion, permeation and/or electrical/MHD barriers, characterization of candidate materials in terms of mechanical and physical properties, assessment of irradiation effects, compatibility experiments, development of reliable joints, and development and/or validation of design rules. Priorities defined worldwide in the field of materials for fusion power reactors are summarized, as well as the main achievements obtained during the last few years and the near-term perspectives in the different investigation areas.