The report by Born and Heisenberg on ‘quantum mechanics’ may seem surprisingly difficult to the modern reader. This is partly because Born and Heisenberg are describing various stages of development of the theory that are quite different from today's quantum mechanics. Among these, it should be noted in particular that the theory developed by Heisenberg, Born and Jordan in the years 1925–6 and known today as matrix mechanics (Heisenberg 1925b [1], Born and Jordan 1925 [2], Born, Heisenberg and Jordan 1926 [4])a differs from standard quantum mechanics in several important respects. At the same time, the interpretation of the theory (the topic of Section II of the report) also appears to have undergone important modifications, in particular regarding the notion of the state of a system. Initially, Born and Heisenberg insist on the notion that a system is always in a stationary state (performing quantum jumps between different stationary states). Then the notion of the wave function is introduced and related to probabilities for the stationary states. At a later stage, probabilistic notions (in particular, what one now calls transition probabilities) are extended to arbitrary observables, but it remains somewhat unclear whether the wave function itself should be regarded as a fundamental entity or merely as an effective one. This may reflect the different routes followed by Born and by Heisenberg in the development of their ideas. The common position presented by Born and Heisenberg emphasises the probabilistic aspect of the theory as fundamental, and the conclusion of the report expresses strong confidence in the resulting picture.