The Solar System consists of 8 planets orbiting the Sun, along with moons, asteroids, and other objects. The planets are divided into inner and outer planets based on their proximity to the Sun. The inner planets are rocky and closer to the Sun, while the outer planets are gas giants farther from the Sun. The Solar System formed 4.6 billion years ago from a giant cloud and will eventually be destroyed when the Sun runs out of fuel and collapses in around 4 billion more years.