Buffer solutions are mixtures of weak acids and their conjugate bases that help maintain a stable pH when small amounts of acids or bases are added. They are essential in various applications, such as enzyme reactions, fermentation, and pharmaceuticals, and their effectiveness is determined by the concentration of the acid and base in the solution. The Henderson-Hasselbalch equation is used to calculate the pH of buffer solutions, and natural buffers in the human body play critical roles in maintaining physiological pH levels.