ELISA is an antigen-antibody reaction technique used to detect substances like proteins, peptides, antibodies, and hormones. There are three main types of ELISA - indirect ELISA detects antibodies, sandwich ELISA detects antigens using two antibodies that bind to different sites, and competitive ELISA measures antigen concentration based on competition between sample antigen and antigen coated on the plate for a limited number of antibody binding sites. ELISA involves capturing the antigen or antibody of interest on a plate using its binding partner, then detecting it using an enzyme-linked secondary binding partner and colorimetric substrate.