1) MySQL live migration involves a 3 step process of taking a baseline dump/snapshot from the source database, setting up replication between the source and destination for continuous data movement, and finally performing a switchover to migrate to the destination.
2) The baseline dump uses mysqldump to export data, users, privileges and stored objects from the source and import to the destination. The --master-data option captures binary log coordinates for setting up replication.
3) Replication is setup using the binary log coordinates to synchronize data between the source and destination. Monitoring replication status ensures the destination lag is low before switchover.