Grounded theory is a qualitative research method that was developed in 1967 by Glaser and Strauss. It involves collecting and analyzing data to build theories grounded in or based on the data. The key aspects of grounded theory include collecting data through methods like interviews and observations, coding the data to identify concepts and categories, and using constant comparison to develop and relate categories into a theoretical framework that explains processes in the data. Grounded theory aims to generate theories that are faithful to and emerge from the context and perspectives of participants.