Meiosis produces haploid gametes from diploid cells for sexual reproduction. It involves two nuclear divisions and results in four haploid daughter cells, each with half the number of chromosomes as the original parent cell. This ensures genetic variation between offspring, which is the raw material for evolution. During meiosis I, homologous chromosomes pair and may exchange genetic material through crossing over. The homologous chromosomes then separate, followed by the second meiotic division where sister chromatids separate, resulting in four haploid cells each with a unique combination of genes.