Molecular phylogenetics is concerned with inferring evolutionary relationships (phylogenetic trees) from biological sequences (such as aligned DNA sequences for a gene shared by a collection of species). The probabilistic models of sequence evolution that underly statistical approaches in this field exhibit a rich algebraic structure. After an introduction to the inference problem and phylogenetic models, this talk will survey some of the highlights of current algebraic understanding. Results on the important statistical issue of identifiability of phylogenetic models will be emphasized, as the algebraic viewpoint has been crucial to obtaining such results.