Python has evolved over several versions since its creation in the late 1980s. Key developments include the release of Python 1.0 in 1994 and major updates like Python 2.0 in 2000 and Python 3.0 in 2008. Python draws influence from languages like ABC and Modula-3. It was named Python after the Monty Python comedy group by its creator Guido van Rossum. Python is widely used today for tasks like machine learning, AI, web development and more due to its versatility and large standard library.