Subglacial lakes store ancient climate records, provide habitats for life, and modulate ice flow, basal hydrology, biogeochemical fluxes and geomorphic activity. In this Review, we construct the first global inventory of 773 subglacial lakes, including 675 from Antarctica (59 newly identified in this study), 64 from Greenland, 2 beneath Devon Ice Cap, 6 beneath Iceland's ice caps, and 26 from valley glaciers. The inventory is used to evaluate subglacial lake environments, dynamics, and their wider impact on ice flow and sediment transport. We suggest their behaviour is conditioned by the subglacial setting and the hydrologic, dynamic and mass balance regime of the ice mass above. Using space-time substitution, we predict fewer and smaller lakes but increased activity with higher discharge drainages of shorter duration where climate warming causes ice-surface steepening. Coupling to surface melt and rainfall inputs will modulate fill-drain cycles and seasonally enhance oxic processes. Higher discharges cause large, transient ice-flow accelerations, but might result in overall net slowdown due to development of efficient subglacial drainage. Future subglacial lake research requires new drilling technologies, and the integration of geophysics, satellite monitoring and numerical modelling, which will provide new insight into their wider role in a changing Earth system.