The ALICE detector at the LHC is undergoing major upgrades during the Long Shutdown 2 (2019/20). A new Inner Tracking System (ITS) is being installed and the Time Projection Chamber (TPC) has been equipped with new GEM-based read-out chambers. Together with the new front-end-electronics they will enable us to read out the TPC continuously and record the full minimum-bias interaction rate of 50 kHz in Pb-Pb. The new Monolithic Active Pixel Sensors used for the ITS will significantly improve the impact parameter resolution and tracking efficiency, especially for particles with low transverse momentum, as well as the readout rate capability. In addition, a pixel tracker will be installed in front of the muon spectrometer, and the readout electronics of several other detectors are being replaced with faster technology. These upgrades also require a completely new online computing system that has the dual task of data acquisition and performing the first pass of the reconstruction to compress data and remove noise hits from the data stream. This talk will summarize the motivation and realization of the upgrades and report on the status of the installation and commissioning.