Developed by the Organisation for Economic Co-operation and Development (OECD), the Programme for International Student Assessment (PISA) is a regular survey to assess the preparedness of 15-year-olds for adult life in over 40 countries/regions. Hong Kong joined PISA in 2000. This article introduces the background and framework of PISA and compares it with other international assessments that Hong Kong participated before. Then the accomplishment and challenges are identified. Overall, Hong Kong emerges as one of the top performing regions among 43 countries/regions in PISA. The performance of Hong Kong students ranks first in mathematics, third in science, and sixth in reading. Students, regardless of their socio-economic background, benefit from the education system. The achievement gap between the high achievers and low achievers is relatively low when compared to the OECD average. On the other hand, Hong Kong needs to address a number of challenges, including low self-concept, poor school climate, and low teacher participation in school governance. Implications for these accomplishment and challenges will be discussed.