It has been argued recently that, through a phenomenon of many-body localization, closed quantum systems subject to sufficiently strong disorder would fail to thermalize. In this talk I will describe a real time renormalization group approach, which offers a controlled description of universal dynamics in the localized phase. In particular it explains the ultra-slow entanglement propagation in this state and identifies the emergent conserved quantities which prevent thermalization. The RG analysis also shows, that far from being a trivial dead state, the MBL state admits phase transitions between distinct dynamical phases. For example, I will discuss the universal aspects of a transition between a paramagnetic localized state to one which exhibits spin-glass order. Finally, I will present a development of the RG scheme, defined on an effective coarse grained model, which allows to capture the transition from a many-body localized to a thermalizing state.