HTML is the markup language used to structure and format web pages. It uses tags to describe how content should be formatted and displayed. Some key HTML tags include paragraph tags (<p>), heading tags (<h1>-<h6>), line break tags (<br>), and horizontal rule tags (<hr>). Links can be added using anchor tags (<a>) that specify a href attribute pointing to a file path or URL. Lists are created using unordered (<ul>) and ordered (<ol>) list tags along with list item (<li>) tags. Formatting can be applied using bold (<b>) and italic (<i>) tags.