Following are my observations for using VPN:
They can't record your Browsing history. When you use Virtual Private Network i.e. your own network which is virtually owned by ISP.
They can see data is transferring from source to destination but don't know which data.
You can imagine a electric wire and current is flowing through it. ISP only see pipe but they don't know about:
1. Which type of water it is (whether it is from Municipal Corp. water)
2. What is its direction (Left to right or right to left)
For ex, Youtube has blocked some episodes of series in India. Using VPN you can connect to servers of foreign countries where
these episodes are allowed to stream.