The Azhdarchidae have come to be known as the most diverse clade of Late Cretaceous pterosaurs and the largest flying creatures in existence. Since the erection of the taxon nearly four decades ago, many partial specimens have been referred to it from the Early Cretaceous and Late Jurassic, but none of these identifications can be confirmed. The most comprehensive phylogenetic analysis and taxonomy of Pterosauria is presented, and the evolutionary history of the Azhdarchidae is reviewed. As currently known, azhdarchids are restricted to the Late Cretaceous (Turonian–Maastrichtian). Fourteen species are currently included in the Azhdarchidae: Quetzalcoatlus northropi and Q. lawsoni are recovered as sister taxa in a monophyletic Quetzalcoatlus, with Arambourgiania philadelphiae, Hatzegopteryx thambema, a trichotomy with Cryodrakon boreas and Wellnhopterus brevirostris, Zhejiangopterus linhaiensis, Eurazhdarcho langendorfensis, a Phosphatodraco mauritanicus + Aralazhdarcho bostobensis sister group, as well as an Azhdarcho lancicollis + Albadraco tharmisensis + Aerotitan sudamericanus + Mistralazhdarcho maggii clade are recovered as successive outgroups to Quetzalcoatlus in the Azhdarchidae. The previous azhdarchid species Montanazhdarcho minor and Radiodactylus langstoni are recovered as non-azhdarchid azhdarchiforms; Alanqa saharica and Argentinadraco barrealensis are thalassodromines; Cretornis hlavaci and Volgadraco bogolubovi are pteranodontians; and Bakonydraco galaczi is a tapejarine. Up to a dozen pterosaur lineages persist into the latest Cretaceous (Maastrichtian Age) including azhdarchids, pteranodontids, and nyctosauromorphs. In the Late Cretaceous, an ornithocheirid, cimoliopterids, a lonchodrachonid, a lonchodectid, pteranodontians, tapejarines, thalassodromines, a chaoyangopterine, and azhdarchiforms are present. The pterosaurs did not have a terminal decline in diversity and were increasing in species number at the end of the Cretaceous Period.