Ultralong range Rydberg molecules can form in ultracold atomic (and molecular) quantum gases, when Rydberg excitation is present. I will discuss the range of interactions which result and the properties of these interesting molecules. A sub class of such molecules have recently been observed. Another class of the molecules could be potentially used to extend the range of dipolar interactions in optical lattices, and for conditional quantum phase gate construction. I will also describe the theoretical logic for the recent realization of permanent electric dipole moments in homo-nuclear Rydberg molecules.