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New bronchopulmonary dysplasia (BPD), the most common chronic lung disease in infancy, is mostly seen in infants of <30 weeks gestational age and/or <1000 g birthweight. The lungs are characterized by fewer and larger simplified alveoli that are associated with dysmorphic vasculature. Genetic and environmental factors are involved in the pathogenesis of new BPD. Strategies are presented to manage the early, evolving, and established phases of new BPD. Long-term pulmonary outcomes suggest the persistence of structural and functional deficits in childhood survivors of new BPD. Ongoing research in various aspects of new BPD has not only the potential to decrease new BPD, but also to impact on adult chronic obstructive pulmonary disease.