Abstract The Cretaceous ended when the Chicxulub asteroid struck the Yucatán platform, and all deposits and landforms generated are earliest Paleocene in age. Drill core from the Cretaceous–Paleogene (K–Pg) boundary sequence deposited on top of the Chicxulub impact structure's peak ring paired with geophysical data within the crater and other well-preserved marine and terrestrial K–Pg boundary sites provide insight into impact processes and effects on Earth's ecosystems, in terms of extinction and recovery. Key findings as reviewed here are: (1) the confirmation of acoustic fluidization as a physical principle to explain impact structure formation; (2) the importance of the target rock properties and marine setting for impactite depositional processes and drivers of climate change; (3) the state of understanding of extinction mechanisms and ecological recovery; and (4) implications for impact-generated hydrothermal habitat creation. Areas highlighted for the next stages of discovery include: (1) physics and chemistry of impact vapour plumes and ejecta processes; (2) sampling of the K–Pg boundary deposit and impact melt sheet within the central basin of the impact structure; (3) examination of ecosystem recovery in an ‘Early Ocean’ scenario at a range of K–Pg boundary sites; and (4) experiments and observations of impact hydrothermal systems as habitats on Earth and other worlds.