Python is an open source, multi-paradigm programming language created by Guido van Rossum in 1991. It is high-level, readable, has automatic memory management and a large standard library. Python can be used across many operating systems and for web applications, games, scripting, data science, and more due to its various frameworks and commercial uses. While Python is popular for its readability and ease of use, it does have some disadvantages like being slow for memory intensive tasks.