This monograph serves as a self-contained introduction to Nevanlinna's theory of value distribution as well as a valuable reference for research specialists. The authors present, for the first time in book form, the most modern and refined versions of the Second Main Theorem with precise error terms, in both the geometric and logarithmic derivative based approaches. A unique feature of the monograph is its number theoretic digressions. These special sections assume no background in number theory and explore the exciting interconnections between Nevanlinna theory and the theory of Diophantine approximation. On one hand, this monograph serves as a self-contained introduction to Nevanlinna's theory of value distribution because the authors only assume the reader is familiar with the basics of complex analysis. On the other hand, the monograph also serves as a valuable reference.