Merge Sort follows the divide and conquer approach to sort a list by recursively dividing it into smaller sub-lists, sorting those sub-lists using the same approach, and then merging the sorted sub-lists back together; it runs in O(n log n) time by breaking the problem into smaller problems of sorting each half of the list, combining the solutions by merging the halves back together; the document provides an overview of the merge sort algorithm and its use of divide and conquer to break down a sorting problem into subproblems.