We review how the AdS/CFT correspondence is motivated within string theory, and discuss how it is generalized to gauge/gravity duality. In particular, we highlight the relation to quantum information theory by pointing out that the Fisher information metric of a Gaussian probability distribution corresponds to an Anti-de Sitter space. As an application example of gauge/gravity duality, we present a holographic Kondo model. The Kondo model in condensed matter physics describes a spin impurity interacting with a free electron gas: At low energies, the impurity is screened and there is a logarithmic rise of the resistivity. In quantum field theory, this amounts to a negative beta function for the impurity coupling and the theory flows to a non-trivial IR fixed point. For constructing a gravity dual, we consider a large $N$ version of this model in which the ambient electrons are strongly coupled even before the interaction with the impurity is switched on. We present the brane construction which motivates a gravity dual Kondo model and use this model to calculate the impurity entanglement entropy and the resistivity, which has a power-law behaviour. We also study quantum quenches, and discuss the relation to the Sachdev-Ye-Kitaev model.