Hash Table is a data structure that stores data in an associative manner using an array format. Each data value has a unique index value. A hash function is used to compute an index, called a hash code, into an array of buckets from which the desired value can be retrieved. During lookup, the key is hashed and the resulting hash indicates where the corresponding value is stored. Collisions, where two keys hash to the same index, are handled using techniques like chaining or probing.