Open a "Help" page after Chrome extension is installed first time

UPDATE: This method is no longer recommended. Please see Nuhil's more recent answer below.

I believe what you need to do is put something like this into a script in the <head> section of your extension's background page, e.g. background.html

function install_notice() {
    if (localStorage.getItem('install_time'))
        return;

    var now = new Date().getTime();
    localStorage.setItem('install_time', now);
    chrome.tabs.create({url: "installed.html"});
}
install_notice();

Check this updated and most reliable solution provided by Chrome: chrome.runtime Event

chrome.runtime.onInstalled.addListener(function (object) {
    let externalUrl = "http://yoursite.com/";
    let internalUrl = chrome.runtime.getURL("views/onboarding.html");

    if (object.reason === chrome.runtime.OnInstalledReason.INSTALL) {
        chrome.tabs.create({ url: externalUrl }, function (tab) {
            console.log("New tab launched with http://yoursite.com/");
        });
    }
});

Add this to your background.js I mean the the page you defined on manifest like following,

....
"background": {
      "scripts": ["background.js"],
      "persistent": false
  }
...