A review is given of the current status of the self-induced transparency effect. The McCall--Hahn theory (2$\pi$ pulses) is considered and its generalization to the case of phase modulation of radiation pulses, degeneracy of transitions, and two-photon resonance is discussed. The relationship with the theory of nonlinear waves, obeying the Korteweg--de Vries equation, is pointed out. The possibility of similar coherent effects in direct interband transitions in semiconductors is discussed. A summary is given of the experimental results demonstrating a strong fall in the absorption and a considerable slowing down of light pulses, typical of the self-induced transparency. Possible physical applications of the effect, based on these properties, are discussed.