This document summarizes the key aspects of a P-N junction diode. It describes that a P-N junction is formed at the boundary between P-type and N-type semiconductors. When the two materials come together, electrons from the N-type side diffuse to the P-type side, leaving positive ions on one side and negative ions on the other, forming a depletion layer. This layer acts as an insulator. The document then explains forward and reverse biasing of the diode and its use for rectification of alternating current to direct current due to its asymmetric conduction. It concludes by listing some common applications of P-N junction diodes.