The Bairstow method is an iterative technique for finding the roots of polynomials by calculating the coefficients of a quadratic factor. It works by taking an initial approximation of the quadratic factor and generating better approximations using partial derivatives until the remainder of dividing the polynomial by the quadratic factor is zero, giving the roots. The method calculates the partial derivatives to update the approximations in a way that avoids having to perform calculations with complex numbers directly. When applied repeatedly, it can find all roots of polynomials of third order or higher.