10 pages.-- Contribution to the 39th ESLAB symposium, ESA-SP (in press).In this paper I review the main topics on the energetic Universe that have been put forward as main science goals in the Cosmic Vision 2015-2025 exercise. I discuss the study of matter under extreme conditions (both under strong gravity and at ultra-high densities), the cosmology of baryons (assembly of ordinary matter in dark-matter dominated structures and the creation of heavy elements) and the co-eval growth of super-massive black holes and stars in galaxies along cosmic history. Most of these topics can be addressed with a large-aperture deep Universe X-ray space observatory that can be flown soon after 2015, complemented by gravitational wave observatories (LISA), a focussing gamma-ray observatory, a far infrared high-sensitivity observatory and an X-ray survey telescope.Financial support was provided by the Spanish Ministerio de Educación y Ciencia, under project ESP2003-00812.Peer reviewed