Neural networks are a new method of programming computers that are good at pattern recognition. They are inspired by the human brain and are composed of interconnected processing elements called neurons. Neural networks learn by example through adjusting synaptic connections between neurons. They can be trained to perform tasks like pattern recognition and classification. There are different types of neural networks including feedforward and feedback networks. Training involves adjusting weights to minimize error through algorithms like backpropagation. Neural networks are used in applications like data analysis, forecasting, and medical diagnosis.