Memory profiling analyzes a program's memory usage to better understand its architecture and reduce hardware costs. A memory leak occurs when a program continues to hold memory allocated to data that is no longer needed. Memory profiling tools like dotMemory, YourKit Java Profiler, and VisualVM can help detect memory leaks that may occur from scenarios like managing lists without deleting items, not closing sockets or files, or failing to unload singletons when shutting down applications. These tools provide visibility into a program's memory usage and leaks.