Mitosis is the process of asexual cell division that results in two identical daughter cells. It has four main phases - prophase where chromosomes condense and attach to the spindle, metaphase where chromosomes line up at the center, anaphase where sister chromatids are pulled to opposite poles, and telophase where the cytoplasm divides and completes cytokinesis. This process ensures that both daughter cells have the full complement of chromosomes and are genetically identical to the parent cell.