Phase Shift Keying (PSK) is a digital modulation technique that encodes data by manipulating the phase of a carrier wave. There are three main types of PSK: BPSK uses two phases separated by 180 degrees to represent 1 and 0; QPSK uses four phases separated by 90 degrees to represent 2 bits per symbol; DPSK shifts the phase relative to the previous symbol by 0 or 180 degrees without a reference carrier. PSK is commonly used in optical communications systems due to its efficiency and noise resistance.