Continuous surveys of the Earth's gravity field by means of low Earth-orbiting satellites form a fundamental component of the Global Geodetic Observing System (GGOS) and will undoubtedly continue to do so in the future. Together with geodetic observations of the Earth's geometrical shape and rotation, this will allow for a a quantitative description of mass transport within the Earth system, which is vital for a comprehensive understanding of the underlying geophysically and climatologically driven processes. In this context, the US-German Gravity Recovery and Climate Experiment (GRACE) satellite mission has opened a new era, for the first time allowing for the detection of gravity changes down to scales of a few hundred kilometers. Thanks to the quality of the GRACE gravity data, the mission became a driver for various communities in Earth system research and enabled unprecedented studies of the global water cycle, the melting of the polar ice shields and sea level rise, and the detection of coseismic and postseismic gravity changes due to large earthquakes. In this presentation we provide an overview of the latest GRACE-only model series and discuss GRACE-derived results for various geoscientific applications.