The answer by Andrew Toulouse can be extended to division.
The division by integer constants is considered in details in the book "Hacker's Delight" by Henry S. Warren (ISBN 9780201914658).
The first idea for implementing division is to write the inverse value of the denominator in base two.
E.g.,
1/3 = (base-2) 0.0101 0101 0101 0101 0101 0101 0101 0101 .....
So,
a/3 = (a >> 2) + (a >> 4) + (a >> 6) + ... + (a >> 30)
for 32-bit arithmetics.
By combining the terms in an obvious manner we can reduce the number of operations:
b = (a >> 2) + (a >> 4)
b += (b >> 4)
b += (b >> 8)
b += (b >> 16)
There are more exciting ways to calculate division and remainders.
EDIT1:
If the OP means multiplication and division of arbitrary numbers, not the division by a constant number, then this thread might be of use: https://stackoverflow.com/a/12699549/1182653
EDIT2:
One of the fastest ways to divide by integer constants is to exploit the modular arithmetics and Montgomery reduction: What's the fastest way to divide an integer by 3?