Meiosis is a type of cell division that produces gametes, such as sperm or egg cells, with half the number of chromosomes as the original parent cell. It involves two cell divisions - Meiosis I and Meiosis II. This results in four daughter cells with half the chromosome number, allowing for genetic variation through independent assortment and crossing over during prophase I. Fertilization occurs when a sperm fuses with an egg, restoring the full chromosome number.