Gluconeogenesis is the process by which glucose is synthesized from non-carbohydrate precursors like lactate, glycerol, and certain amino acids. It mainly takes place in the liver and kidneys. Key steps involve the conversion of pyruvate to oxaloacetate and regulation of enzymes like PEP carboxykinase and fructose-1,6-bisphosphatase. Gluconeogenesis is important for maintaining blood glucose levels during fasting or starvation when carbohydrate sources are limited.