In this talk, I will give an overview of the new developments in the AdS₄/CFT₃ correspondence. I will present in detail an N=6 Chern-Simons-matter theory with gauge group U(N) x U(N) that is dual to N M2 branes in the orbifold C⁴/Z_k. This theory can be derived from a construction involving D3 branes intersecting (p,q) fivebranes. I will also discuss various quantum mechanical aspects of this theory, including an enhancement of its supersymmetry algebra at Chern-Simons levels 1 and 2, and some novel phenomenon that arise in the U(N) x U(M) theory dual to configurations with N-M fractional branes. A generalization to N=3 CSM theories dual to AdS₄ x M₇, where M₇ is a 3-Sasakian 7-manifold, will be explained.