We present our current knowledge of the solar chemical composition based on the recent significant downward revision of the solar photospheric abundances of the most abundant metals. These new solar abundances result from the use of a 3D hydrodynamic model of the solar atmosphere instead of the classical 1D hydrostatic models, accounting for departures from LTE, and improved atomic and molecular data. With these abundances, the new solar metallicity, Z, decreases to Z=0.012, almost a factor of two lower than earlier widely used values. We compare our values with data from other sources and analyse a number of impacts of these new photospheric abundances. While resolving a number of longstanding problems, the new 3D-based solar photospheric composition also poses serious challenges for the standard solar model as judged by helioseismology.