Python is an interpreted language that executes statements line by line directly from source code without compilation. PEP 8 documents Python style guidelines that the community strictly follows. Comments in Python start with '#' and the line is not executed. Data types like lists are mutable and can change without changing identity, while strings are immutable and cannot change once created. Indentation is required in Python and makes code more readable. Python is a free, open source, portable language with a large standard library and community support that is used for both front-end and back-end development.