PageRank is an algorithm developed by Larry Page and Sergey Brin at Stanford University to rank web pages for Google search results. It determines a page's importance by counting the number and quality of links to a page. PageRank is calculated through an iterative process and spreads importance across the web like a "random surfer" clicking links. Key factors that influence PageRank include internal site structure, external links, and minimizing links out of the site from high PageRank pages. PageRank helped Google revolutionize search and become a multi-billion dollar company by providing more relevant results.