Since its introduction by Friedhelm Waldhausen in the 1970s, the algebraic K-theory of spaces has been recognized as the main tool for studying parametrized phenomena in the theory of manifolds. However, a full proof of the equivalence relating the two areas has not appeared until now. This book presents such a proof, essentially completing Waldhausen's program from more than thirty years ago. The main result is a stable parametrized h-cobordism theorem, derived from a homotopy equivalence between a space of PL h-cobordisms on a space X and the classifying space of a category of simp.