PCR is a technique that amplifies a small amount of DNA across multiple orders of magnitude, generating thousands to millions of copies of a specific DNA sequence. It involves three main steps - denaturation to separate DNA strands, annealing where primers attach to strands, and extension where a DNA polymerase synthesizes the complementary strand. PCR is used in applications like genotyping, cloning, sequencing, and microbial detection. It requires template DNA, primers, nucleotides, DNA polymerase like Taq, buffer solution, and magnesium ions.