It all depends on size of meteorite here. If small, not much will happen but if a huge one hit, it could be like a megaton nuclear bomb going off, causing wide spread damage and leaving a crater like the one that is a mile wide in Arizona.
It make's a crater
Of course, there is no such thing as "a meteorite". There are such things as meteors. Meteorite describes the material that makes them up, and has, thanks to bad popular science, become "another word for meteor" in most people's understanding. Otherwise, the other answers are correct. The meteor that hit Manson, Iowa 75 million years ago was around 2km in diameter. There is almost no trace of it's existence now, and no evidence that it caused a single extinction. 10 million years after that, something (probably a comet) 10km across hit the Yucatan in Mexico and put an end to a lot of life on Earth (including (probably) the dinosaurs).