This document provides an overview of IP telephony and the H.323 standard. It describes the different components of H.323 including terminals, gateways, gatekeepers, and MCUs. It explains the protocols specified by H.323 such as H.225, H.245, RTP, and RTCP. It also provides high-level descriptions of H.323 call establishment, control signaling flows, media streams, and call release. The document concludes that IP telephony provides cost savings and new services by combining telephone and data networks into a powerful and economical communication option.