In a dedicated muon ring, the high flux of electron and muon neutrino beams produced by muon decay would point towards far or close detectors opening up a whole new class of neutrino physics. This is the concept of a Neutrino Factory. Intense pion sources combined with powerful emittance cooling are necessary to make a Neutrino Factory (or a Muon Collider) a possible future high energy physics facility. The Neutrino Factory and Muon Collider Collaboration studies the different subsystems and presently focuses on a 20 - 50 GeV muon decay ring. A neutrino factory located on the Fermilab site and recent developments in ionization cooling will be presented.