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Gravitational waves (GW) emitted by merging black holes (BH) and neutron stars are now routinely detected. Those are the afterlives of massive stars that formed all across the Universe—at different cosmic times and with different metallicities. Birth metallicity plays an important role in the evolution of massive stars. Consequently, the population properties of mergers are sensitive to the metallicity dependent cosmic star formation history (fSFR(Z,z)). In particular, within the isolated formation scenarios (the focus of this paper), a strong low metallicity preference of the formation of BH mergers is found. The origin of this dependence and its consequences are discussed. Most importantly, uncertainty in the fSFR(Z,z) (substantial even at low redshifts) cannot be ignored in the models. This poses a challenge for the interpretation of the observed GW source population properties. Possible improvements and the role of future GW detectors are considered. Recent efforts to determine fSFR(Z,z) and the factors that dominate its uncertainty are summarized. Many of those factors stem from the uncertain properties of faint and distant galaxies. The fact that they leave imprint on the redshift‐dependent properties of mergers makes GW a promising (and complementary to electromagnetic observations) tool to study galaxy chemical evolution. [ABSTRACT FROM AUTHOR]