Bile juice is a bitter fluid produced by the liver and stored in the gallbladder, essential for fat digestion and absorption. It consists mainly of water, bile salts, bile pigments, and cholesterol, with its secretion regulated by neural and hormonal controls. Bile plays a key role in emulsifying fats, neutralizing stomach acid, and excreting bilirubin, while abnormalities like gallstones can occur due to excess cholesterol or water absorption.