Studies of first-order phase transitions through the use of the exact renormalization group are reviewed. In the first part the emphasis is on universal aspects: We discuss the universal critical behaviour near weakly first-order phase transitions for a three-dimensional model of two coupled scalar fields – the cubic anisotropy model. In the second part we review the application of the exact renormalization group to the calculation of bubble-nucleation rates. More specifically, we concentrate on the pre-exponential factor. We discuss the reliability of homogeneous nucleation theory that employs a saddle-point expansion around the critical bubble for the calculation of the nucleation rate.