The Saturn V launch vehicle and its potential derivatives are the backbone of this nation's manned space program. In the past two years, this vehicle has progressed from development into its operational phase. This paper reviews the current status of the Saturn V and discusses its possible evolution and growth to meet the requirements of missions being postulated for the next ten years. These missions include extension of the Apollo lunar-landing program to permit more extensive manned exploration, launch of space station modules in support of an ultimate space base, logistics support of early space stations, and unmanned missions to outer planets. Experience gained during operation of the Saturn V makes feasible substantial cost reductions in the production, test, and launch operations of the vehicle. Potential methods leading to a low-cost Saturn V are also reviewed in this paper.