This review describes the current status of precision QCD studies at the LHC. We introduce the main experimental and theoretical methods, discussing also their cross-stimulated developments and recent advances. The different types of QCD observables that are measured at the LHC, including cross-sections, event- and jet-level properties, for various final states, are summarised. Their relation to fundamental QCD dynamics and their impact on Standard Model parameter determinations are discussed on specific examples. The impact of QCD-related observables on direct and indirect searches for rare processes within and new physics beyond the Standard Model is outlined.