Enzymes are biological catalysts that speed up metabolic reactions by lowering activation energy and remain unchanged after facilitating reactions. They have specific active sites where substrates bind, leading to the formation of products, influenced by factors such as temperature, pH, and the presence of inhibitors. The Michaelis-Menten model describes their kinetics, including maximum reaction rates (Vmax) and how enzyme affinity for substrates (Km) is affected by competitive and non-competitive inhibitors.