Python has several advantages such as being platform independent, having readable code, being an object-oriented language, requiring less learning time, and having ample libraries. However, it also has some limitations like being slower than languages like C++, not being well-suited for mobile development, consuming more memory than other languages, and having some database and runtime issues. Python offers high productivity through its simple syntax and extensive standard library, while requiring less development time, but it may not be the best choice for memory-intensive or mobile applications.