Our capacity to process information depends on the computational power at our disposal. Information theory captures our ability to distinguish states or communicate messages when it is unconstrained with unrivaled beauty and elegance. For computationally bounded observers the situation is quite different -- they can, for example, be fooled to believe that distributions are more random than they actually are. In our work, we build a new foundation for a computational quantum information theory that captures the essence of complexity-constrained information theory while retaining the look and feel of the unbounded asymptotic theory. As our fundamental quantity, we define the computational relative entropy as the optimal error exponent in asymmetric hypothesis testing when restricted to polynomially many copies and quantum gates, defined in a mathematically rigorous way. Building on this foundation, we prove a computational analogue of Stein's lemma, establish computational versions of fundamental inequalities like Pinsker's bound, and demonstrate a computational smoothing property showing that computationally indistinguishable states yield equivalent information measures. We derive a computational entropy that operationally characterizes optimal compression rates for quantum states under computational limitations and show that our quantities apply to computational entanglement theory, proving a computational version of the Rains bound. Our framework reveals striking separations between computational and unbounded information measures, including quantum-classical gaps that arise from cryptographic assumptions, demonstrating that computational constraints fundamentally alter the information-theoretic landscape and open new research directions at the intersection of quantum information, complexity theory, and cryptography.