The motherboard is the central component of a computer that connects and allows communication between the CPU, RAM, and other hardware components. It allocates power and forms the foundation of the computer. Key parts of the motherboard include the CPU, BIOS, cache memory, expansion bus, chipsets, and CPU clock. Chipsets like the Northbridge and Southbridge help coordinate data flow between the CPU and other components like memory, graphics cards, storage devices, and input/output ports.