Abstract: Millimetron is a Russian-led 12m diameter submillimeter and far-infrared space observatory which is included in the Space Plan of the Russian Federation and funded for launch after 2015. With its large collecting area and state-of-the-art receivers, it will enable unique science and allow at least one order of magnitude improvement with respect to the Herschel Space Observatory. Millimetron is currently in a conceptual design phase carried out by the Astro Space Center in Moscow and SRON Netherlands Institute for Space Research. It will use a passively cooled deployable antenna with a high-precision central 3.5m diameter mirror and high- precision antenna petals. The antenna is specified for observations up to ~2 THz over the whole 12m diameter, and to higher frequencies using the central 3.5m solid mirror. Millimetron will be operated in two basic observing modes: as a single-dish observatory, and as an element of a ground-space VLBI system. As single-dish, angular resolutions on the order of 3 to 12 arcsec will be achieved and spectral resolutions of up to 10 6 employing heterodyne techniques. As VLBI antenna, the chosen elliptical orbit will provide extremely large VLBI baselines resulting in micro-arcsec angular resolution. The scientific payload will consist of heterodyne and direct detection instruments covering the most important sub-/millimeter spectral regions (including some ALMA bands) and will build on the Herschel and ALMA heritage.