Prim's algorithm is a greedy algorithm for finding a minimum spanning tree (MST) of a weighted undirected graph, originally developed in the 1930s and known for its efficiency. It operates by maintaining a set of vertices and progressively adding the edge with the smallest weight from the tree to a vertex not yet in the tree, ensuring the tree remains acyclic. The algorithm's execution involves using a priority queue to manage vertex keys and their parent links, ultimately producing the MST as a connected subgraph that includes all vertices with minimal total edge weight.