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Abstract: Consider the generalized flag manifold $G/B$ and the corresponding affine flag manifold $\mathrm{Fl}_G$. In this paper we use curve neighborhoods for Schubert varieties in $\mathrm{Fl}_G$ to construct certain affine Gromov-Witten invariants of $\mathrm{Fl}_G$, and to obtain a family of affine quantum Chevalley operators $Λ_0,\ldots , Λ_n$ indexed by the simple roots in the affine root system of $G$. These operators act on the cohomology ring $H^*(\mathrm{Fl}_G)$ with coefficients in $\mathbb{Z}[q_0, \ldots,q_n]$. By analyzing commutativity and invariance properties of these operators we deduce the existence of two quantum cohomology rings, which satisfy properties conjectured earlier by Guest and Otofuji for $G= \mathrm{SL}_n(\mathbb{C})$. The first quantum ring is a deformation of the subalgebra of $H^*(\mathrm{Fl}_G)$ generated by divisors. The second ring, denoted $QH^*_{\mathrm{aff}}(G/B)$, deforms the ordinary quantum cohomology ring $QH^*(G/B)$ by adding an affine quantum parameter $q_0$. We prove that $QH^*_{\mathrm{aff}}(G/B)$ is a Frobenius algebra, and that the new quantum product determines a flat Dubrovin connection. We further develop an analogue of Givental and Kim formalism for this ring and we deduce a presentation of $QH^*_{\mathrm{aff}}(G/B)$ by generators and relations. For $G$ of Lie types $A_n - D_n$ or $E_6$, we prove that the ideal of relations is generated by the integrals of motion for the periodic Toda lattice associated to the dual of the extended Dynkin diagram of $G$.