Over the past 25 years, the dynamical mean field (DMFT) formalism has been extended from fermionic Hubbard-type models to realistic multi-band materials, bosonic lattice systems and even quantum field theories. It has also been developed into a powerful and versatile tool for the study of nonequilibrium phenomena in correlated lattice models. I will provide an overview of the key developments in the field and explain the most recent addition to the DMFT family - the DMFT treatment of quantum field theories. In the second part of the talk I will discuss two predictions from nonequilibrium DMFT studies: the possibility to switch the Coulomb repulsion into an effective attractive interaction through the application of periodic electric fields, and the existence of nonthermal critical points, which control the relaxation dynamics of the antiferromagnetic or superconducting order parameter on intermediate time-scales.