Meiosis is a type of cell division that results in four daughter cells each with half the number of chromosomes as the original parent cell. It involves two rounds of division called Meiosis I and Meiosis II. In Meiosis I, homologous chromosomes pair up and separate, reducing the chromosome number by half. Meiosis II separates the sister chromatids, resulting in four gametes with half the original chromosome number. Meiosis occurs in the sex organs and is essential for sexual reproduction as it produces gametes like sperm and eggs.