The control file contains critical database configuration information including the database name, data and redo file locations and names, tablespace definitions, and log and backup information. It is required for an instance to start up and cannot be edited directly. When data or redo files are added, renamed, or dropped, the control file is automatically updated to reflect the changes in physical database structure. The control file location and contents can be viewed using V$ views, and a new control file can be added by creating a parameter file from the server parameter file and editing the control file path before restarting the database.