Direct memory access (DMA) allows certain hardware subsystems to access main system memory independently of the central processing unit (CPU). There are different types of DMA including cycle stealing, burst transfer, and continuous transfer. DMA is useful for high-speed transfer of large amounts of data like in disk controllers and graphics cards. It works by using a DMA controller to directly transfer data between memory and I/O devices while bypassing the CPU. This allows fast data transfer and prevents the CPU from being idle during large I/O operations.