Meiosis is the process of cell division that produces gametes with half the normal number of chromosomes. It involves two rounds of division (Meiosis I and Meiosis II) starting with one diploid cell and resulting in four haploid cells. This ensures offspring inherit a mix of traits from both parents and allows for genetic variation between offspring. Meiosis occurs in the testes and ovaries, where homologous chromosomes separate in Meiosis I and sister chromatids separate in Meiosis II.