The paper provides a comprehensive analysis of Quantitative Easing (QE), focusing on its implications, mechanisms, and outcomes. The Introduction sets the stage by highlighting the significance of QE as a monetary policy tool, particularly its adoption post-global financial crisis. The section on Transmission Channels elucidates how QE operates through various mechanisms, mainly the Portfolio one, impacting financial markets, interest rates, and lending behavior. Macroeconomic Consequences explore the broader effects of QE on economic indicators like GDP growth and inflation rates. It presents empirical evidence that showed the effectiveness of this monetary policy tool. Moreover, it discusses the challenges in assessing the precise impact of QE on these variables. The Risks section outlines the potential downsides associated with QE, including concerns about Central Bank Independence, Redistributive Issues and International Spillovers. Finally, Exiting QE discusses the challenges and strategies involved in phasing out QE policies. It addresses concerns about the timing, pace, and communication strategies necessary for a smooth transition. Overall, the paper provides a detailed examination of Quantitative Easing, offering insights into its functioning and consequences through the collective body of evidence that has been produced.