The 2010 Decadal Survey of Astronomy and Astrophysics found the science of the International X-ray Observatory (IXO) compelling, noting that "Large-aperture, time-resolved, high-resolution X-ray spectroscopy is required for future progress on all of these fronts, and this is what IXO can deliver." In line with Decadal recommendations to reduce cost while maintaining core capabilities, we have developed the Advanced X-ray Spectroscopy and Imaging Observatory (AXSIO). AXSIO reduces IXO's six instruments to two fixed detectors - the imaging X-ray Microcalorimeter Spectrometer and the X-ray Grating Spectrometer. These instruments allow AXSIO to accomplish most of the IXO science goals at a significantly reduced complexity and cost. We present an overview of the AXSIO mission science drivers, its optics and instrumental capabilities, the status of its technology development programs, and the mission implementation approach.
