Meiosis is the process by which sex cells are formed. It involves two rounds of cell division called Meiosis I and Meiosis II. This results in four daughter cells with half the number of chromosomes as the original parent cell, allowing for genetic variation in offspring. The key events of meiosis include DNA replication, formation of tetrads through homologous chromosome pairing, independent assortment and crossing over of chromosomes, and division of chromatids to form four haploid cells.