Software maintenance includes correcting errors, enhancing capabilities, removing outdated features, and optimizing performance. It refers to any work done on software after it begins operating. Maintenance typically spans 20 years and includes corrective, adaptive, perfective, and preventive activities. Challenges to maintenance include programs written in isolation without documentation, changes made by people unfamiliar with the code, and lack of design for change. Effective maintenance requires understanding programs, testing modified code, budgeting resources, and configuration management to control and document changes over time.