A phylogenetic tree is a branching diagram representing the evolutionary relationships among biological species based on genetic or physical characteristics. It can be categorized into rooted and unrooted trees, with further distinctions made between bifurcating and multifurcating trees, as well as labeled and unlabeled trees. Although providing insights into evolutionary history, phylogenetic trees have limitations, including the potential for inaccuracies due to factors like genetic recombination and the noise in data, emphasizing the need for multi-gene analysis and caution in interpretation.