Prior to founding the Center for Biomedical Mass Spectrometry at Boston University School of Medicine in 1994, Costello was a senior research scientist and the associate director of the National Institutes of Health Research Resource for Mass Spectrometry at Massachusetts Institute of Technology for 20 years. She is a William Fairfield Warren Distinguished Professor and the director of the Center for Biomedical Mass Spectrometry at the Boston University School of Medicine.
Costello served as the president of the American Society for Mass Spectrometry (2002–2004), the Human Proteome Organization (2011–2012), and the International Mass Spectrometry Foundation (2014–2018). She currently serves on the board of directors of the US Human Proteome Organization, and the editorial board of Clinical Proteomics.