Ohm's law states that in a circuit, the current is directly proportional to the voltage and inversely proportional to the resistance. It can be expressed as V=IR, where V is the voltage, I is the current, and R is the resistance. Ohm's law applies to ohmic conductors that show a linear relationship between voltage and current, but not to non-ohmic conductors. It is useful for calculating values in circuits and understanding many electrical devices and applications in daily life. However, it has limitations and does not apply to certain nonlinear or non-metallic components.