Keyframing involves setting reference points (keyframes) to define an object's position, rotation, or scale at specific points in time. Between keyframes, Lightwave interpolates the changes to the object. Fewer keyframes generally result in smoother motion. The document discusses setting a start and end keyframe to define an animation's pacing, then adding intermediate keyframes to refine the motion. Specific techniques covered include having the camera track an object, aligning an object's rotation to follow its motion path, parenting a light to an object, and using different views to properly position objects in 3D space over time.