A module is a file containing Python code that can be imported and used in other Python programs. There are built-in Python modules like math and random that contain useful functions. The document discusses how to import modules and functions using import, from, and import *. It provides examples of using common functions from the math module like sqrt, pow, ceil, floor. It also discusses generating random numbers from the random module using functions like randint, random, randrange. The statistics module contains functions for calculating mean, median, and mode from data.