The Data Link Layer is responsible for framing data, providing addressing, error detection, flow control and media access control. It has two sublayers - the Logical Link Control for protocols, flow control and error control, and the Media Access Control for controlling the media. The Data Link Layer frames data from the Network Layer, provides hardware addressing, implements protocols like CSMA/CD for shared media access, and ensures reliable transmission through error detection using parity checks and CRC, as well as error correction and retransmission protocols.