The anomalous magnetic moment of the muon provides stringent tests for the electroweak Standard Model and is an excellent monitor for new physics. I present a summary of the status and on recent progress, emphasizing problems and possible solutions in the determination of the hadronic contributions: vacuum polarization and light-by-light scattering. They represent the challenge in reducing theoretical uncertainties to match the precision of forthcoming experiments, expected to go into operation within a few years from now. The impact of recent LHC results for the interpretation observed 3-4 sigma "discrepancy" in the muon g-2 is discussed.