Meiosis is a type of cell division that produces gametes, such as sperm and egg cells, with half the normal number of chromosomes. It involves two rounds of cell division called Meiosis I and Meiosis II. In Meiosis I, homologous chromosome pairs separate and are distributed into two daughter cells. Meiosis II then separates the sister chromatids, resulting in four haploid daughter cells each with a single set of chromosomes. This ensures genetic diversity in the next generation.