Corrosion is an electrochemical process where metal converts from a metallic to an ionic state, requiring electricity flow between anodes and cathodes in the presence of an electrolyte. The process involves oxidation of metal, such as iron, and the evolution of hydrogen gas, as well as interactions that can lead to rust formation through compounds like ferrous and ferric hydroxide. Polarization affects corrosion rates, where cathodic polarization reduces and anodic polarization can increase corrosion rates depending on the metal and environment.