Hypervelocity impact cratering remains one of the fundamental geological processes that has profoundly shaped planetary surfaces and influenced the structural, chemical, and biological evolution of Earth and other bodies in the Solar System. Impacts by asteroids and comets at velocities of several tens of kilometres per second generate extreme pressures and temperatures, producing diagnostic shock-metamorphic features and lithologies, often unattainable through any other geological processes. This review synthesizes our current understanding of the geology of terrestrial hypervelocity collisions, including impact mechanics, crater-forming stages, morphological classification, diagnostic field and petrographic criteria, mineralogical transformations, and geochemical signatures for impact recognition. The sequential stages of crater formation: contact and compression, excavation, modification, and post-impact geological evolution are explained, with emphasis on simple, complex, peak-ring, and multi-ring craters. The global inventory and uneven distribution of confirmed terrestrial impact structures are evaluated in the context of preservation bias imposed by Earth’s active geological processes. Unequivocal indicators of impact origin, including shatter cones, impactites, planar deformation features (PDFs), high-pressure mineral polymorphs, and meteoritic geochemical signatures such as platinum group elements (PGE) and isotopic systems, are examined in detail. The broader geological and planetary implications of impact events are also discussed, encompassing large-scale crustal modification, hydrothermal system development, environmental perturbations, mass extinctions, and the potential of early-life habitability. By integrating geological, mineralogical, geochemical, and planetary perspectives, this review underscores impact cratering as a fundamental planetary process and impact craters as a powerful natural laboratory for understanding extreme conditions and the evolution of Earth and other planetary bodies.