The advent of powerful ground- and space-based telescopes and extremely sensitive detectors has enabled the development of a comprehensive picture of the formation and evolution of planetary systems, enabling us to better place our solar system in a broad astrophysical context. In this presentation, I will briefly summarize our current understanding of these processes and their intimate connection with stellar evolution. I will highlight this overview with many new results from the Chandra, Hubble and Spitzer Space Telescopes that capture the formation and evolutionary processes in action.