Python is a programming language that allows users to write instructions for the computer to follow. There are multiple ways to run Python code, including through the terminal window by typing "python" or the name of a Python file, or using iPython notebooks which allow code to be run and formatted notes to be taken in a browser. Python code uses variables to store values of different data types like strings, integers, booleans, lists, and dictionaries. Users can write functions to reuse blocks of code and take input from the user or external files using libraries and conditionals.