The scientific method involves 5 key steps to test hypotheses and theories: 1) observing something and asking a question, 2) predicting an answer through a hypothesis, 3) designing an experiment to test the hypothesis, 4) recording and analyzing the results of the experiment, and 5) stating whether the hypothesis was confirmed based on the results and conclusions. The scientific method is the standard process used by researchers to systematically support or disprove theories through repeated experimentation.