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There are two answers here really. I'll begin by describing why it's different from Quantum Mechanics.

Quantum Mechanics studies non-relativistic particles (or waves), that is particles where effects from Einstein's relativity are unnoticeable because the particle is travelling at a speed much slower than the speed of light. Additionally people study N-body problems, which means to say that we think of a system with precisely N particles.

Quantum Field Theory on the other hand is a generalisation that attempts to study particles where relativistic effects can be noticeable. This has several additional problems, one of which is that it predicts that particles can be created or destroyed which means we're no longer in an N-body system. Quantum Field Theory was invented in order to deal with these problems and as such it generalises Quantum Mechanics. There are several additional complexities that Quantum Field Theory has a result of this, in particular there has always been problems that infinities show up in calculations that have caused various difficulties, though these have been solved by techniques in Physics known as renormalisation.

To date Quantum Field Theory is the best theory of Physics that is experimentally verified. String Theory offers a possible improvement but it has yet (at least to my knowledge) to any experimental justification. Quantum Field Theory fully explains (nearly) everything we currently know about particle physics, including quantum effects in electromagnetism, nuclear physics and condensed matter physics.

The outstanding problem in this field is to try and incorporate Einstein's theory of gravity. This is considered by many as one of the big outstanding problems in Physics today.

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