Fomalhaut’s planetary system has been targeted by nearly every major observatory from the ground and from space, engaging the curiosity of observers and theorists alike. Briefly reviewed here is Fomalhaut’s substantial role in the history of debris disk science that ultimately yielded the discovery of a low-mass planet candidate called Fomalhaut b. Fomalhaut b has only been detected with the Hubble Space Telescope (HST) between 2004 and 2013 in the optical, which was consistent with reflected light from a large circumplanetary dust ring. Surprisingly, it was absent in HST observations conducted in 2014, lending support to an alternate hypothesis that it represents a transient dust cloud created by a very rare catastrophic collision between planetesimals. Mid-infrared imaging with the James Webb Space Telescope yielded a second surprise: the existence of an intermediate dust belt at ~100 au. Most recently, HST observations in 2023 revealed that a second point source appeared near the outer dust belt, validating the paradigm of transient dust clouds. Thus, our knowledge of the Fomalhaut system in terms of its major constituents and their dynamical interrelationships continues to require revision and inspires further study.