The OSI model is a standard framework for network communication consisting of 7 layers: physical, data link, network, transport, session, presentation, and application. It was created in 1976 and first accepted as a standard in 1980 by the International Organization for Standardization to describe the functions of networking systems. Each layer has a specific role, with the physical layer transferring data between hosts, the data link layer ensuring error-free delivery using MAC addresses, the network layer routing between hosts using IP addresses, the transport layer breaking data into segments, the session layer managing connections, the presentation layer handling encryption/decryption, and the application layer interacting with software applications to produce network data.