Meiosis is the process by which diploid cells undergo two cell divisions to produce haploid gametes. It starts with a diploid cell that undergoes cell reproduction through mitosis. The two daughter cells then go through meiosis, swapping genetic material and splitting again to produce four haploid daughter cells. Meiosis involves the phases of prophase I, metaphase I, anaphase I, telophase I, and cytokinesis I to separate the homologous chromosomes and produce two haploid cells.