Atrial fibrillation (AF) and chronic heart failure (CHF) are two major and even growing cardiovascular conditions that often coexist. However, few data are available to guide treatment of AF in patients with CHF. This review summarizes current literature concerning the following topics: (i) prognostic relevance of AF in patients with CHF, (ii) relevance and strategies of rhythm and rate control in patients with AF and CHF, and (iii) options for prevention of AF in patients with ventricular dysfunction. In conclusion, AF is associated with increased mortality in CHF patients. However, it is not clear whether there is a causal relationship. Emerging strategies to prevent the occurrence of AF are promising tools that might improve quality of life and survival in patients with CHF.