We present the recent new developments of time-dependent Schr?dinger equation and time-dependent density-functional theory for accurate and efficient treatment of the electronic structure and time-dependent quantum dynamics of many-electron atomic and molecular systems in intense laser fields. We extend time-dependent generalized pseudospectral (TDGPS) numerical method developed for time-dependent wave equations in multielectron systems. The TDGPS method allows us to obtain highly accurate time-dependent wave functions with the use of only a modest number of spatial grid point for complex quantum dynamical calculations. The usefulness of these procedures is illustrated by a few case studies of atomic and molecular processes of current interests in intense laser fields, including multiphoton ionization, above-threshold ionization, high-order harmonic generation, attosecond pulse generation, and quantum dynamical processes related to multielectron effects. We conclude this paper with some open questions and perspectives of multiphoton quantum dynamics of many-electron atomic and molecular systems in intense laser fields.