Meiosis is a type of cell division that reduces the chromosome number from diploid to haploid, producing gametes like sperm and egg cells. It involves two rounds of cell division: Meiosis I separates homologous chromosome pairs, while Meiosis II separates sister chromatids. The key stages in Meiosis I are prophase I where homologous chromosomes synapse, metaphase I where they align at the equator, anaphase I where they separate, and telophase I. Meiosis II is similar but without synapsis, resulting in four haploid daughter cells from the original diploid cell.