Feature scaling, including standardization and normalization, is crucial for ensuring that independent variables have a uniform scale, which is essential for machine learning algorithms that rely on distance calculations. Standardization rescales values to have a mean of 0 and a standard deviation of 1, while normalization adjusts attributes to a range of 0 to 1. Different algorithms have varying requirements for scaling techniques, with standardization preferred for linear regression and normalization for methods like SVM and k-nearest neighbors.