Pickle is a powerful Python module used for serializing and deserializing Python objects. Serialization is the process of converting a Python object into a byte stream, making it suitable for saving to a file or transmitting over a network. Conversely, deserialization reconstructs the original object from the byte stream. This functionality is particularly useful in scenarios such as saving machine learning models, storing program states, or sharing complex data structures between applications. While Pickle simplifies these tasks, it is essential to be aware of its limitations, including security risks and compatibility issues across different Python versions.