Python is a versatile, high-level programming language created by Guido van Rossum in 1991, known for its readability and ease of use, making it suitable for various applications from web development to data science. Key advantages of Python include its fast setup, broad support, large ecosystem for big data, and ease of learning, while disadvantages involve slower execution speed and higher memory consumption. Overall, Python's rising popularity is driven by its ability to quickly develop applications and its strong community support.