A parabola is a set of points equidistant from a fixed line (the directrix) and a fixed point (the focus) not on the line. The key properties of a parabola include its focus, directrix, vertex, axis, and latus rectum. There are four types of parabolas defined by the position of the vertex and axis. Parabolas have many applications in fields like antennas, microphones, vehicle headlights, and ballistics due to their shape.