Process scheduling involves removing the currently running process from the CPU and selecting another process to run based on a particular strategy. The operating system maintains job, ready, and device queues to manage processes. Schedulers are system software that handle process scheduling in different ways, including long-term, short-term, and medium-term scheduling. Long-term schedulers select processes from the job queue to load into memory. Short-term schedulers select from ready processes and allocate the CPU. Medium-term scheduling removes suspended processes from memory via swapping to make space for other processes.