Session management allows servers to track user sessions across multiple page requests and identify individual users visiting a website. There are several techniques for session tracking, including using HTTP cookies stored on the user's device, rewriting URLs to embed session IDs, and adding hidden form fields. Servlets provide an easy-to-use HttpSession API that handles session tracking transparently using cookies or URL rewriting based on browser support. Session management is important as it enables features like shopping carts and personalization across multiple pages for each individual user.