A protective relay is a switchgear device designed to detect faults in electrical circuits and initiate the operation of circuit breakers to isolate faulty elements. There are various types of protective relays, such as overcurrent, electromechanical, directional, and differential relays, each serving specific functions in monitoring electrical quantities like current and voltage under normal and fault conditions. The document also discusses the advantages and disadvantages of protective relays, their testing processes, and their essential role in enhancing system reliability and safety.