Natural language processing (NLP) involves building models to understand human language through automated generation and understanding of text and speech. It is an interdisciplinary field that uses techniques from artificial intelligence, linguistics, and statistics. NLP has applications like machine translation, sentiment analysis, and summarization. There are two main approaches: statistical NLP which uses machine learning on large datasets, and linguistic approaches which utilize structured linguistic resources like lexicons. Key NLP tasks include part-of-speech tagging, parsing, named entity recognition, and more.