After entering our local astrosphere (called the heliosphere), galactic cosmic rays, as charged particles, are affected by the Sun’s turbulent magnetic field. This causes their intensities to decrease towards the inner heliosphere, a process referred to as modulation. Over the years, cosmic ray modulation has been studied extensively at Earth, utilizing both ground and space based observations. Moreover, modelling cosmic ray modulation and comparing results with observations, insight can be gained into the transport of these particles, as well as offering explanations for observed features. We review some of the most prominent cosmic ray observations made near Earth, how these observations can be modelled and what main insights are gained from this modelling approach. Furthermore, a discussion on drifts, as one of the main modulation processes, are given as well as how drift effects manifest in near Earth observations. We conclude by discussing the contemporary challenges, fuelled by observations, which are presently being investigated. A main challenge is explaining observations made during the past unusual solar minimum.