Action potential is an abrupt change in membrane potential lasting 1-2 milliseconds. It involves a reversal of the membrane potential where the inside becomes positive and outside negative. Key properties include: being all-or-none, self-propagating, and not decreasing in amplitude with distance. It has distinct phases of depolarization, repolarization, and hyperpolarization before returning to resting potential. The mechanism involves voltage-gated sodium and potassium channels, and the sodium-potassium pump, which regulate ion movements and concentrations to generate the pulse.