What lived in the past.

Fossils can provide quite a bit of information. As singwell stated, they can provide information about what lived in the past. By comparing the fossils to their modern counterparts, they can also provide us with information about the environment in which the rock containing the fossil was deposited. Finally, life changed over time, fossils can be used as time indicators. This can be important when trying to piece together the history of a continent because the fossil can be used to compare the ages of rocks that are separated by great distances.

"Ever since recorded history began, and probably before, people have found fossils, pieces of rock and minerals which have replaced the remains of biologic organisms or preserved their external form. These fossils, and the totality of their occurrence within the sequence of Earth's rock strata is referred to as the fossil record. The fossil record was one of the early sources of data relevant to the study of evolution and continues to be relevant to the history of life on Earth. Paleontologists examine the fossil record in order to understand the process of evolution and the way particular species have evolved." "“The fossil record is life’s evolutionary epic that unfolded over four billion years as environmental conditions and genetic potential interacted in accordance with natural selection.” The earth’s climate, tectonics, atmosphere, oceans, and periodic disasters invoked the primary selective pressures on all organisms, which they either adapted to, or they perished with or without leaving descendants. Modern paleontology has joined with evolutionary biology to share the interdisciplinary task of unfolding the tree of life, which inevitably leads backwards in time to the microscopic life of the Precambrian when cell structure and functions evolved. Earth’s deep time in the Proterozoic and deeper still in the Archaean is only “recounted by microscopic fossils and subtle chemical signals.” Molecular biologists, using phylogenetics, can compare protein amino acid or nucleotide sequence homology (i.e., similarity) to infer taxonomy and evolutionary distances among organisms, but with limited statistical confidence. The study of fossils, on the other hand, can more specifically pinpoint when and in what organism branching occurred in the tree of life. Modern phylogenetics and paleontology work together in the clarification of science’s still dim view of the appearance of life and its evolution during deep time on earth." Source and further information: http://en.wikipedia.org/wiki/Fossils