Python is a high-level, interpreted programming language known for its emphasis on readability and simplicity, ideal for beginners and versatile for various programming paradigms. Developed starting in 1989 by Guido van Rossum, Python has evolved through several major versions, introducing features such as garbage collection, object-oriented programming, and list comprehensions. Although it offers many advantages like ease of use and vast libraries, Python has some drawbacks, including slower execution speed and higher memory usage compared to other languages.