The DNS is the system that translates domain names to IP addresses on the internet. It was created in 1983 and allows users to reference internet resources by name. The document then describes the step-by-step resolution process where a client's request is recursively resolved through root servers, TLD servers, and authoritative name servers to return the requested IP address. It also discusses caching for improved performance and common issues like hostname-IP mismatches that can be resolved by editing host files and DNS records.