We employ the formalism of vanishing cycles and perverse sheaves to introduce and study the vanishing cohomology of complex projective hypersurfaces. As a consequence, we give upper bounds for the Betti numbers of projective hypersurfaces, generalizing those obtained by different methods by Dimca in the isolated singularities case, and by Siersma-Tib\u{a}r in the case of hypersurfaces with a $1$-dimensional singular locus. We also prove a supplement to the Lefschetz hyperplane theorem for hypersurfaces, which takes the dimension of the singular locus into account, and we use it to give a new proof of a result of Kato.