We present a detailed review of the electroweak radiative corrections to the Z-boson decay, in the framework of the Minimal Standard Model (MSM). After a short historical introduction we describe the optimal parametrization of the MSM, especially of the Born approximation, and derive expressions for the one-loop electroweak corrections. Finally a global fit of all relevant experimental data is performed, resulting in fitted values of the t-quark mass, mt, and strong coupling constant αs. Allowed range for the value of the Higgs boson mass, mH, is discussed. Various details of calculations are described in 16 appendices.