These proceedings collect the selected contributions of participants of the First Karl Schwarzschild Meeting on Gravitational Physics, held in Frankfurt, Germany to celebrate the 140th anniversary of Schwarzschild's birth. They are grouped into 4 main themes: I. The Life and Work of Karl Schwarzschild; II. Black Holes in Classical General Relativity, Numerical Relativity, Astrophysics, Cosmology, and Alternative Theories of Gravity; III. Black Holes in Quantum Gravity and String Theory; IV. Other Topics in Contemporary Gravitation.Inspired by the foundational principle ``By acknowledging the past, we open a route to the future", the week-long meeting, envisioned as a forum for exchange between scientists from all locations and levels of education, drew participants from 15 countries across 4 continents. In addition to plenary talks from leading researchers, a special focus on young talent was provided, a feature underlined by the Springer Prize for the best student and junior presentations.