Meiosis is a reductional division that produces four haploid cells from one parental cell through two consecutive divisions. It consists of several stages including meiosis I and meiosis II, with distinct phases such as prophase, metaphase, anaphase, and telophase, each characterized by specific processes involving chromosome pairings and separations. The process is crucial for forming haploid gametes for sexual reproduction, contributing to genetic diversity and evolution.