Mathematical modeling involves converting real-life problems into mathematical terms using appropriate conditions and variables. It allows problems from various domains like physics, economics, and engineering to be studied and solved using mathematical formulas, equations, and techniques. The process of mathematical modeling involves identifying the key parameters of a problem, developing mathematical representations and equations, solving the equations, interpreting the results, and modifying or accepting the model based on how well the results match observations. While mathematical modeling has been successfully applied to many problems, limitations include complex real-world situations being difficult to model accurately and challenges in selecting model parameters.