The role of catastrophic collisions in the evolution of the asteroids is discussed in detail, employing extrapolations of experimental results on the outcomrs of high-velocity impacts. We determine the range of the probable largest collision for target asteroids of different sizes during the solar system's lifetime, and we conclude that all the asteroids have undergone collisional events capable of overcoming the material's solid-state cohesion. Such events do not lead inescapably to complete disruption of the targets, because (i) for a previously unfractured target, experiments show that fragments of significant size can survive breakup, depending on the energy and geometry of the collision; (ii) self-gravitation can easily cause a reaccumulation of fragments for targets exceeding a critical size, which seems to be of the order of 100 km. In the intermediate diameter range 100⪅ D ⪅300 km, where formation of gravitationally bound “rubble piles” is frequent, the transfer of angular momentum can be large enough to produce objects with triaxial equilibrium shapes (Jacobi ellipsoids) or to cause fission into binary systems. In the same size range, low-velocity escape of collisional fragments can also occur, leading to the formation of dynamical families. Asteroids smaller than ∼100 km are mostly multigeneration fragments, while for D⪆300 km the collisional process produces nearly spheroidal objects covered by megaregoliths; whether their rotation is “primordial” or collisionally generated depends critically on the past flux of colliders. The complex and size-dependent phenomenology predicted by the theory compares satisfactorily with the observational evidence, as derived both by a classification of asteroids in terms of their size, spin rate, and lightcurve amplitude, and by a comparison between the rotational properties of family and nonfamily asteroids. The fundamental result of this investigation is that almost all asteroids are outcomes of catastrophic collisions, and that these events cause either complete fragmentation of the target bodies or, at least, drastic readjustments of their internal structure, shape, and spin rate.