Meiosis is the process of cell division that reduces the number of chromosomes in reproductive cells to half the number in normal body cells. It involves two rounds of division (Meiosis I and Meiosis II) starting with one diploid cell and resulting in four haploid cells. Meiosis occurs in the testes and ovaries and is important for sexual reproduction, as it generates genetic variation and allows for traits from both parents to be passed on to offspring through the fusion of haploid gametes during fertilization.