HTTP is the Hypertext Transfer Protocol that defines how messages are formatted and transmitted between browsers and web servers. It allows browsers to send requests to servers using commands like URLs, and servers to respond by transmitting requested web pages. HTTP is a stateless protocol where each command is executed independently without retaining session information. HTTP request and response headers contain metadata that indicate the type of content being requested or sent, the server and browser capabilities, and other information to facilitate the transmission of data over the internet.