With the tremendous improvement in the precision of available astrophysical data in the recent past, it becomes increasingly important to examine some of the underlying assumptions behind the standard model of cosmology and take into consideration nonlinear and relativistic corrections which may affect it at percent precision level. Due to its mathematical rigor and fully covariant and exact nature, Zalaletdinov's macroscopic gravity (MG) is arguably one of the most promising frameworks to explore nonlinearities due to inhomogeneities in the real Universe. We study the application of MG to precision cosmology, focusing on developing a self-consistent cosmology model built on the averaging framework that adequately describes the large-scale Universe and can be used to study real data sets. We first implement an algorithmic procedure using computer algebra systems to explore new exact solutions to the MG field equations. After validating the process with an existing isotropic solution, we derive a new homogeneous, anisotropic and exact solution. Next, we use the simplest (and currently only) solvable homogeneous and isotropic model of MG and obtain an observable function for cosmological expansion using some reasonable assumptions on light propagation. We find that the principal modification to the angular diameter distance is through the change in the expansion history. We then linearize the MG field equations and derive a framework that contains large-scale structure, but the small scale inhomogeneities have been smoothed out and encapsulated into an additional cosmological parameter representing the averaging effect. We derive an expression for the evolution of the density contrast and peculiar velocities and integrate them to study the growth rate of large-scale structure. We find that increasing the magnitude of the averaging term leads to enhanced growth at late times. Thus, for the same matter content, the growth rate of large scale structure in the MG model is stronger than that of the standard model. Finally, we constrain the MG model using Cosmic Microwave Background temperature anisotropy data, the distance to supernovae data, the galaxy power spectrum, the weak lensing tomography shear-shear cross-correlations and the baryonic acoustic oscillations. We find that for this model the averaging density parameter is very small and does not cause any significant shift in the other cosmological parameters. However, it can lead to increased errors on some cosmological parameters such as the Hubble constant and the amplitude of the linear matter spectrum at the scale of 8;{-1}
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