Black box testing is a software testing method that evaluates the functionality of an application without knowledge of its internal workings, focusing on inputs and expected outputs. It includes various techniques such as boundary value analysis, equivalence class partitioning, decision table testing, cause-effect graphing, and error guessing, each with its own advantages and limitations. While beneficial for identifying errors and functional discrepancies, it poses challenges in test case design and may result in unnoticed issues and redundant testing.