Bioinformatics is the application of information technology to store, organize, and analyze vast amounts of biological data. It involves using mathematics, statistics, and computer science to understand and organize the information associated with biological macromolecules like DNA, RNA, and proteins. The goals of bioinformatics include uncovering biological information hidden in genetic sequences and using it to better understand areas like molecular medicine, drug development, and evolution. It utilizes tools like databases, algorithms, and data analysis to solve complex biological problems.