We present a comprehensive analysis of critical behavior in the driven-dissipative Bose condensation transition in three spatial dimensions. Starting point is a microscopic description of the system in terms of a many-body quantum master equation, where coherent and driven-dissipative dynamics occur on an equal footing. An equivalent Keldysh real time functional integral reformulation opens up the problem to a practical evaluation using the tools of quantum field theory. In particular, we develop a functional renormalization group approach to quantitatively explore the universality class of this stationary non-equilibrium system. Key results comprise the emergence of an asymptotic thermalization of the distribution function, while manifest non-equilibrium properties are witnessed in the response properties in terms of a new, independent critical exponent. Thus the driven-dissipative microscopic nature is seen to bear observable consequences on the largest length scales. The absence of two symmetries present in closed equilibrium systems - underlying particle number conservation and detailed balance, respectively - is identified as the root of this new non-equilibrium critical behavior. Our results are relevant for broad ranges of open quantum systems on the interface of quantum optics and many-body physics, from exciton-polariton condensates to cold atomic gases.