Fast radio bursts (FRBs) are brief single or repeating flashes of broadband signal with unknown extragalactic origins. CHIME/FRB is a leading project for detecting FRBs at radio frequencies 400-800 MHz. In this talk, I will give a status update on the project, with an emphasis on its unique strategy for mitigating radio frequency interference (RFI) in real time. In addition, I will present CHIME/FRB science prospects, particularly on FRB cross-correlations with the cosmological large-scale structure, which will potentially constrain the redshift distribution, host dispersion measure distribution, and the intrinsic luminosity function of FRB populations.