Python has several basic data types including numbers (int, float, complex), strings, tuples, lists, and dictionaries. Numbers can be entered using decimal, binary, octal, and hexadecimal notation. Strings can be defined using single or double quotes. Tuples are ordered and unchangeable like lists. Lists are ordered collections that can hold mixed data types. Dictionaries are unordered collections of key-value pairs. Sets are unordered collections with no duplicate elements.