Understanding of peptic ulcer disease has dramatically changed within the last years. Today ulcer disease can be considered as a chronic infection. Based on this new pathophysiological concept treatment policies for ulcer bleeding and perforation have to be revised. For ulcer bleeding the standard procedure consists of a diagnostic emergency endoscopy and endoscopic treatment based on the bleeding activity. Patients with recurrent bleeding during hospital stay carry an increased risk for death. More than 50% of these patients have to be operated, nearly 25% die during hospital stay. For that reason an early elective operation can be recommended in patients with a high risk for further bleeding. This includes patients with arterial bleeding (Forrest Ia) and with a vissible vessel (Forrest IIa) with an additional risk (eg posterior wall of the duodenum, lesser curvature). All other bleeding activities can primarily treated conservatively. Because of an effective medical treatment of the ulcer disease with eradication, the operation should be restricted to ulcer excision and ulcer oversewing in bleeding or perforated gastric ulcer and duodenotomy, ulcer ligation and extraluminal ligature in bleeding duodenum ulcer and excision and oversewing with pyloroplasty in perforated duodenal ulcer. More definite surgery is not reasonable and should be avoided. With treatment policies based on early elective operation in high risk groups and medical treatment in the other patients a mortality of 5% or less can be achieved.