A process represents a program in execution and consists of four sections - stack, heap, text, and data. It progresses sequentially and is the basic unit of work in a system. When a program is loaded into memory, it becomes a process. A process control block (PCB) tracks process information like state, memory allocation, and other resources through a process's lifetime. The PCB contains data like process ID, program counter, CPU registers, and more. A process can be in different states like ready, running, waiting, terminated during its execution cycle.