We present the latest results from the Chandra survey/monitoring program of M31. We will present spectral and timing information on the point sources, including the nuclear source which may be associated with the central supermassive black hole. There are more than 120 point sources (including 18 globular clusters) detected in the central region imaged with ACIS-I. Our monitoring program now includes more than 20 separate ACIS-I and HRC observations spanning 1 year, and spaced as closely as 4 days. This coverage allows unprecedented measurement of the variability of the X-ray source population in M31. We will also compare the spectra and luminosity of the point sources to the diffuse emission. This diffuse emission accounts for ~40% of the flux from the central region. This work was supported in part by NASA Contract NAS8-39073 to the Chandra X-ray Center.