The first mention of the impedance concept appeared on November 1966 in the CERN internal report Longitudinal instability of a coasting beam above transition, due to the action of lumped discontinuities by V.G. Vaccaro. Then, a more general treatment of it appeared in February 1967 in the CERN yellow report Longitudinal instabilities of azimuthally uniform beams in circular vacuum chambers of arbitrary electrical properties by A.M. Sessler and V.G. Vaccaro. The concept of wake field came two years later, in 1969, in the paper The wake field of an oscillating particle in the presence of conducting plates with resistive terminations at both ends by A.G. Ruggiero and V.G. Vaccaro. This was the beginning of many studies, which took place over the last five decades, and today, impedances and wake fields continue to be an important field of activity, as concerns theory, simulation, bench and beam-based measurements. Building a reliable impedance or wake field model of a machine is the first necessary step to be able to evaluate the machine performance limitations, identify the main contributors in case an impedance reduction is required, and study the interaction with other mechanisms such as optics nonlinearities, transverse damper, noise, space charge, electron cloud, beam-beam (in a collider), etc. Beam collective instabilities, and their mitigation, cover a wide range of effects in particle accelerators and they have been the subjects of intense research. As the machines performance was pushed new mechanisms were revealed and nowadays the challenge consists in studying the interplays between all these intricate phenomena, as it is very often not possible to treat the different effects separately. With the increasing power of our computers this becomes easier but the need to continue and develop theories remains, to have a better understanding of the interplays between all these effects: the subject of impedance and beam instabilities in particle accelerators is far from being exhausted, as testified by the many new instability and stabilizing mechanisms which have been recently explained or discovered. Furthermore, in the context of the studies for possible future accelerators, some uncharted territories remain such as, for instance, the collective instabilities during the necessary ionization cooling for a muon collider.