Round Robin is a preemptive scheduling algorithm where each process is allocated an equal time slot or time quantum to execute before being preempted. It is designed for time-sharing to ensure all processes are given a fair share of CPU time without starvation. The process is added to the back of the ready queue when its time slice expires. It provides low response time on average but increased context switching overhead compared to non-preemptive algorithms. The time quantum value impacts both processor utilization and response time.