This is a review article in which we will introduce, in a unifying fashion
and with more intermediate steps in some difficult calculations, two
infinite-dimensional Lie algebras of quantum matrix models, one for the open
string sector and one for the closed string sector. Physical observables of
quantum matrix models in the large-N limit can be expressed as elements of
these Lie algebras. We will see that both algebras arise as quotient algebras
of a larger Lie algebra. We will also discuss some properties of these Lie
algebras not published elsewhere yet, and briefly review their relationship
with well-known algebras like the Cuntz algebra, the Witt algebra and the
Virasoro algebra. We will also review how Yang--Mills theory, various low
energy effective models of string theory, quantum gravity, string-bit models,
and quantum spin chain models can be formulated as quantum matrix models.
Studying these algebras thus help us understand the common symmetry of these
physical systems.Comment: 77 pages, 21 eps figures, 1 table, LaTeX2.09; an invited review
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