A list is a group of mutable memory locations that can contain elements of different types. Each element has a position number called a subscript or index starting from 0. Lists are initialized using listName = [ele1, ele2, ...] syntax. Traversing a list with a for loop allows updating, mathematical operations, printing, searching, and testing on all elements easily regardless of the list's size. Common list functions include declaring empty lists, appending elements, and other functions.