Photosynthesis is the process by which plants, algae, and certain bacteria transform light energy into chemical energy, producing glucose and oxygen. Key components include chlorophyll, carbon dioxide, and water, with the process occurring in light-dependent reactions in chloroplast thylakoids and light-independent reactions in the stroma. It is essential for life on Earth, providing oxygen and energy for ecosystems while being influenced by factors like light intensity, carbon dioxide concentration, and temperature.