DNA replication is a semiconservative process where the parental DNA strands separate and each serves as a template to produce two new DNA molecules, each with one original and one new strand. It occurs in three stages: unwinding, base pairing, and joining. During unwinding, enzymes separate the double helix and add RNA primers. Then, DNA polymerase adds complementary bases to each new strand by matching A-T and C-G. The lagging strand replicates in fragments that are later joined.