An action potential is an electrical impulse that travels along neurons due to ionic concentration differences across the membrane, highlighted by stages including resting potential, depolarization, repolarization, and hyperpolarization. This process involves sodium ions entering the neuron, causing it to become positively charged, followed by potassium ions exiting to restore the resting state. Action potentials propagate down the axon and trigger neurotransmitter release at the synapse, facilitating communication between neurons.