The significance of studying fossil records lies in their ability to provide insights into the history of life on Earth. Fossils help scientists understand evolutionary processes, the development of different species, and how past organisms adapted to changing environments. They offer clues about paleoenvironments and the interactions between species and ecosystems throughout geological time. Moreover, fossil records aid in reconstructing past climates and understanding extinction events, revealing the dynamics of biodiversity over time. Thus, they are crucial for understanding both our planet's history and biological evolution.