Einstein's theory of general relativity predicts that a sufficiently compact mass can deform spacetime to form a blackhole. The boundary of no escape is called the event horizon. A blackhole has a great effect on the fate and circumstances of an object crossing it, but it has no locally detectable features according to general relativity. In many ways, a blackhole acts like an ideal black body, as it reflects no light. Quantum field theory in curved spacetime predicts that event horizons emit Hawking radiation, with the same spectrum as a black body of a temperature inversely proportional to its mass. This temperature is of the order of billionths of a kelvin for stellar blackholes, making it essentially impossible to observe directly.

Objects whose gravitational fields are too strong for light to escape were first considered in the 18th century by John Michell and Pierre-Simon Laplace. In 1916, Karl Schwarzschild found the first modern solution of general relativity that would characterize a black hole. David Finkelstein, in 1958, first published the interpretation of a "blackhole" as a region of space from which nothing can escape. Black holes were long considered a mathematical curiosity; it was not until the 1960s that theoretical work showed they were a generic prediction of general relativity. The discovery of neutron stars by Jocelyn Bell Burnell in 1967 sparked interest in gravitationally collapsed compact objects as a possible astrophysical reality. The first black hole known was Cygnus X-1, identified by several researchers independently in 1971.

Black holes of stellar mass form when massive stars collapse at the end of their life cycle. After a black hole has formed, it can grow by absorbing mass from its surroundings. Supermassive black holes of millions of solar masses (M☉) may form by absorbing other stars and merging with other black holes, or via direct collapse of gas clouds. There is a consensus that supermassive black holes exist in the centers of most galaxies.

The presence of a black hole can be inferred through its interaction with other matter and with electromagnetic radiation such as visible light. Any matter that falls toward a black hole can form an external accretion disk heated by friction, forming quasars, some of the brightest objects in the universe. Stars passing too close to a supermassive black hole can be shredded into streamers that shine very brightly before being "swallowed." If other stars are orbiting a black hole, their orbits can be used to determine the black hole's mass and location. Such observations can be used to exclude possible alternatives such as neutron stars. In this way, astronomers have identified numerous stellar black hole candidates in binary systems and established that the radio source known as Sagittarius A*, at the core of the Milky Way galaxy, contains a supermassive black hole of about 4.3 million solar masses.