Polymerase Chain Reaction (PCR) is a technique for amplifying specific DNA sequences for testing, developed by Dr. Kary Mullis in 1983. It involves denaturation, annealing, and extension processes, requiring known DNA sequences, primers, thermally stable polymerase like Taq, and a thermal cycler. PCR is widely used for its speed, precision, and ability to detect mutations, making it essential in molecular biology laboratories.