A hyperbola is a set of points where the difference between the distances from two fixed points (foci) is constant. The constant is called the focal length. A hyperbola has two branches and two vertices, and is defined by its foci, center, transverse axis, and conjugate axis. The standard form of a hyperbola equation relates its focal length c to its transverse axis length a and conjugate axis length b using the formula a^2 + b^2 = c^2.