Explore the fundamental concepts of statistical physics in rare events and large deviations through this comprehensive lecture from the Bangalore School on Statistical Physics XI. Delve into topics such as mathematical foundations, equilibrium systems, coin toss problems, and blackbody radiation. Gain insights into the applications of statistical physics beyond traditional physics, including fluctuation theorems and microscopic system fluctuations. Engage with a dynamic presentation that covers theoretical aspects and practical examples, concluding with a Q&A session to reinforce understanding of these advanced statistical physics concepts.