Python is an interpreted programming language that can be used for many purposes including security related tasks. It was created in the late 1980s by Guido van Rossum and named after the Monty Python comedy group. There are differences between Python versions 2.7 and 3.0, such as print becoming a function in 3.0. Python has an interactive shell environment that allows users to run commands and an extensive standard library including data types like lists, tuples, sets and dictionaries. Libraries like pwntools and PyCryptodome provide functionality for tasks like exploit development and cryptography.