The Open Systems Interconnect (OSI) model consists of seven layers: physical, data link, network, transport, session, presentation, and application, each with specific functions essential for network communication. These layers work together to ensure reliable data transmission, error correction, and interface between different network services while abstracting the complexities of the underlying physical medium. The document provides detailed explanations of the responsibilities and processes of each layer, including data encoding, link establishment, routing, and message segmentation.