Polymerase chain reaction (PCR) is a laboratory technique for amplifying specific DNA sequences from small genetic samples, producing billions of copies through a series of temperature-controlled cycles in a thermocycler. It consists of denaturing the DNA strands, annealing primers to the target sequences, and extending these strands with Taq polymerase to create new DNA. PCR is essential for molecular diagnostics and requires specific components, including DNA template, primers, and enzymes, while cautioning against contamination.