The current central experimental values of the parameters of the Standard Model give rise to a striking conclusion: metastability of the electroweak vacuum is favored over absolute stability. A metastable vacuum for the Higgs boson implies that it is possible, and in fact inevitable, that a vacuum decay takes place with catastrophic consequences for the Universe. The metastability of the Higgs vacuum is especially significant for cosmology, because there are many mechanisms that could have triggered the decay of the electroweak vacuum in the early Universe. We present a comprehensive review of the implications from Higgs vacuum metastability for cosmology along with a pedagogical discussion of the related theoretical topics, including renormalization group improvement, quantum field theory in curved spacetime and vacuum decay in field theory.