Mitosis and meiosis are two types of cell division. Mitosis involves one round of chromosome duplication and separation, resulting in two daughter cells with identical genetic material. Meiosis involves two rounds of chromosome separation after one round of duplication, resulting in four daughter cells each with half the number of chromosomes as the original parent cell. Both processes involve the stages of interphase, prophase, metaphase, anaphase and telophase. The key differences are that meiosis results in four haploid cells through two divisions while mitosis results in two diploid cells through one division.