Acceptance sampling is a quality control technique where samples are taken from a production lot to determine whether to accept or reject the entire lot. It involves taking a sample, inspecting it for defects, and using pre-defined acceptance criteria based on the sample results to decide whether to accept the lot. The key advantages are that it reduces inspection costs and improves overall quality by eliminating poor quality lots. There are different types of sampling plans like single, double, and multiple sampling based on attributes or variables.