Mitosis and meiosis are two types of cell division. Mitosis produces two identical daughter cells from one parent cell, while meiosis produces four haploid daughter cells from one diploid parent cell. Meiosis involves two rounds of cell division: Meiosis I separates homologous chromosomes and reduces the chromosome number by half, and Meiosis II separates sister chromatids. This allows for genetic variation in the gametes and maintains the chromosome number between generations.