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.