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We review current understanding of kilonova/macronova emission from compactbinary mergers (mergers of two neutron stars or a neutron star and a blackhole). Kilonova/macronova is optical and near-infrared emission powered byradioactive decays of r-process nuclei. Emission from the dynamical ejecta with~0.01 Msun is likely to have a luminosity of ~10^{40}-10^{41} erg s^{-1} with acharacteristic timescale of about 1 week. The spectral peak is located in redoptical or near-infrared wavelengths. A subsequent accretion disk wind mayprovide an additional luminosity, or an earlier/bluer emission if it is notabsorbed by the precedent dynamical ejecta. The detection of near-infraredexcess in the afterglow of short GRB 130603B and possible optical excess in GRB060614 supports the concept of the kilonova/macronova scenario. At 200 Mpcdistance, a typical brightness of kilonova/macronova with 0.01 Msun ejecta isexpected to be about 22 mag and the emission rapidly fades to >24 mag within~10 days after the merger. Kilonova/macronova candidates can be distinguishedfrom supernovae by (1) the faster time evolution, (2) fainter absolutemagnitudes, and (3) redder colors. To effectively search for such objects,follow-up survey observations with multiple visits within <10 days and withmultiple filters will be important. Since the high expansion velocity (v ~0.1-0.2c) is a robust outcome of compact binary mergers, the detection ofsmooth spectra will be the smoking gun to conclusively identify the GW source.

Kilonova/Macronova Emission from Compact Binary Mergers