Anaphylaxis is a rapid onset, IgE-mediated systemic allergic reaction affecting two or more organ systems including the skin, respiratory tract, gastrointestinal tract, and circulatory system. Common allergens that can trigger anaphylaxis in children are foods like peanuts, tree nuts, eggs, and shellfish, as well as insect bites, medications like beta-lactams, and exercise. Initial management of anaphylaxis involves administering epinephrine intramuscularly, providing supportive care, establishing IV access, administering antihistamines and steroids, and monitoring for potential recurrence of symptoms over 72 hours.