The Newton-Raphson method is an iterative method used to find approximations of the roots of a function. It requires an initial guess value and uses the tangent line of the function at that x-value to estimate a better root approximation. The method takes the first derivative of the function to determine the slope of the tangent line and finds where it intersects the x-axis as the next estimate. This process is repeated, using the new estimate as the next initial guess, until convergence is reached. The Newton-Raphson method is quadratically convergent, meaning it rapidly finds better approximations as it approaches the true root.