The Joint Strike Fighter (JSF) Program has developed an aggressive vision for and has specified a very stringent set of requirements for a comprehensive Prognostics and Health Management (PHM) system. This vision and the associated specified requirements has resulted in the development of perhaps the most advanced and comprehensive set of diagnostic, prognostic, and health management capabilities yet to be applied to an aviation platform. These PHM capabilities are currently being developed and integrated into the JSF Air System design. This paper will provide a top level overview summary of the current PHM concept, design, and architecture; provide a general capabilities description; and discuss overall program status. Some specific examples of system benefits, design trade-off decisions, and system integration challenges will be discussed. Particular examples of some subsystem prognostic capabilities will also be discussed.