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The oceans cover 71% of the earth s surface and represent one of the least explored frontiers, yet the oceans are integral to climate regulation, nutrient production, oil retrieval and transportation. Future scientific and technological efforts to achieve better understanding of oceans and water-related applications will rely heavily on our ability to communicate reliably between instruments, vehicles (manned and unmanned), human operators, platforms and sensors of all types. Underwater acoustic communication techniques have not reached the same maturity as those for terrestrial radio communications and present some unique opportunities for new developments in information and communication theories. Key features of underwater acoustic communication channels are examined: slow speed of propagation, significant delay spreads, sparse multi-path, time-variation and range-dependent available bandwidth. Each of these features necessitates specific methods to enable high fidelity communication while exploiting the unique features of underwater acoustic channels. We review a host of solutions targeting these key features.