COBOL (Common Business-Oriented Language) is a compiled programming language designed for business applications, particularly in finance and administrative systems, despite being considered outdated. Developed in 1959 as part of a U.S. Department of Defense initiative, COBOL has undergone multiple revisions and is now primarily used in legacy systems on mainframes. The language features an English-like syntax, is divided into four main sections (Identification, Environment, Data, and Procedure), and focuses on business data processing and reporting.