Web services are already one of the most important resources on the Internet. As an integrated solution for realizing the vision of the Next Generation Web, semantic web services combine semantic web technology with web service technology, envisioning automated life cycle management of web services. This paper discusses the significance and importance of service discovery & selection to business logic, and the requisite current research in the various phases of the semantic web service lifecycle like discovery and selection. We also present several different composition strategies, based on current research, and provide an outlook towards critical future work.