Meiosis is a type of cell division that produces gametes with half the number of chromosomes as the original parent cell. It involves two rounds of cell division, meiosis I and meiosis II. In meiosis I, homologous chromosome pairs separate and are distributed into two daughter cells, reducing the chromosome number by half. Meiosis II then separates the sister chromatids, resulting in four daughter cells each containing a single set of non-identical chromosomes derived from the original parent cell.