Lubrication involves placing a substance between interacting surfaces to minimize friction. There are four main types of lubrication: solid, semi-solid, liquid, and gas/air. The lubrication regime depends on operating conditions and the degree of contact between surfaces, and includes hydrostatic, hydrodynamic, elastohydrodynamic, boundary, and mixed lubrication. Proper lubrication provides advantages like reducing friction and wear, protecting equipment, and improving efficiency, but can also increase costs and component wear if not applied correctly.