Hypovolemic shock is a life-threatening condition marked by a significant decrease in blood volume due to blood or fluid loss, leading to impaired organ perfusion and potential organ failure. Causes include severe trauma, dehydration, and burns, with stages of shock ranging from mild to critical, each exhibiting specific symptoms such as tachycardia and hypotension. Immediate intervention is crucial to restore blood volume through fluid resuscitation and address the underlying causes to prevent complications like organ failure or death.