Threads allow a program to split into multiple threads that can run concurrently. A thread is a lightweight subprocess that shares memory and resources with other threads in a process. Threads allow programs to perform multiple tasks simultaneously or asynchronously. Threads have a life cycle and priority levels that determine their order of execution. Threads can be created by implementing the Runnable interface or extending the Thread class. Synchronization ensures that only one thread can access a shared resource at a time to prevent race conditions. Inter-thread communication allows threads to coordinate using wait(), notify(), and notifyAll() methods. Deadlocks can occur when threads are waiting indefinitely for resources held by each other.