Multiple myeloma is a malignant condition where monoclonal plasma cells proliferate in the bone marrow, overproducing an abnormal immunoglobulin known as M-protein. It commonly causes lytic bone lesions, renal insufficiency from proteinuria or amyloidosis, and anemia. The diagnosis involves finding over 10% plasma cells in the bone marrow, an M-spike on serum protein electrophoresis, and often Bence Jones proteins in the urine. While the exact cause is unknown, risk factors include radiation exposure and certain genetic mutations.