Valence Bond Theory (VBT) explains how chemical bonding occurs through the overlap of atomic orbitals, emphasizing the need for vacant orbitals and hybridization in metal-ligand complexes. It outlines the formation of different geometric structures such as octahedral, tetrahedral, and trigonal planar complexes based on factors like coordination number and hybridization. However, VBT has limitations, including its inability to explain certain magnetic behaviors and the complexities of ligand interactions.