Nonclassical effects such as squeezing, antibunching, and sub-Poissonian statistics of photons have been attracting attention in quantum optics over the last decade. Up to now most theoretical and experimental investigations have been carried out exclusively in the time domain while neglecting the spatial aspects by considering only one spatial mode of the electromagnetic field. In many situations such an approximation is well justified. There are, however, problems that do not allow in principle a single-mode consideration. This is the case when one wants to investigate the quantum fluctuations of light at different spatial points in the plane perpendicular to the direction of propagation of the light beam. Such an investigation requires a complete description of quantum fluctuations of light in both time and space and cannot be done within a single-mode theory. This space-time description brings about a natural generalization into the spatial domain of such notions as the standard quantum limit, squeezing, antibunching, etc. It predicts, for example, the possibility of generating a light beam with sub-Poissonian statistics of photons not only in time but also in the beam's transverse plane. Of particular relevance to the applications is a situation in which the cross section of the light beam contains several nonoverlapping areas with sub-Poissonian statistics of photons in each. Photodetection of such a beam produces several sub-shot-noise photocurrents depending on the number of independent areas with sub-Poissonian statistics. This is in marked contrast to the case of a single-mode sub-Poissonian light beam in which any attempt to collect light from only a part of the beam deteriorates the degree of shot-noise reduction. This property of multimode squeezed light opens a range of interesting new applications in optical imaging, optical parallel processing of information, parallel computing, and many other areas in which it is desirable to have a light beam with regular photon statistics across its transverse area. The aim of this review is to describe the recent development in this branch of quantum optics.