A flip-flop is an electronic circuit that stores binary data, functioning as a basic memory building block in devices like computers and calculators. There are four main types of flip-flops: R-S, D, J-K, and T, each serving different functions, with D flip-flops commonly used to avoid uncertain states in R-S flip-flops. Flip-flops are essential for applications in memory elements, counters, and frequency division circuits.