An array is a collection of variables of the same type stored in contiguous memory locations that can be accessed using a common name and a subscript. Arrays allow storing multiple elements of the same type under a single variable, making programs easier to understand. There are single dimensional arrays where each element is accessed using a single subscript. Programs demonstrate how to declare, initialize, input values into and output values from arrays. Array operations like replacing even elements with 0 and odd with 1, finding the largest and smallest elements are also presented.