The International Axion Observatory (IAXO) is a new generation axion helioscope aiming at a sensitivity to the axion-photon coupling of g(alpha gamma) greater than or similar to few x 10(-12) GeV-1, i.e. 1-1.5 orders of magnitude beyond the one achieved by CAST, currently the most sensitive axion helioscope. The main elements of IAXO are an increased magnetic field volume together with extensive use of x-ray focusing optics and low background detectors, innovations already successfully tested in CAST. Additional physics cases of IAXO could include the detection of electron-coupled axions invoked to explain the white dwarf cooling, relic axions, and a large variety of more generic axion-like particles (ALPs) and other novel excitations at the low-energy frontier of elementary particle physics.