Microteaching involves teaching short 5-7 minute lessons to small groups of students, receiving feedback, revising lessons, and re-teaching. It was developed in 1963 to train teachers and improve their skills. The microteaching cycle involves planning a micro lesson, teaching it, getting feedback, re-planning, re-teaching to another group, and getting further feedback. This allows participants to learn about their strengths and weaknesses as teachers and develop their skills in areas like questioning, explanation, and board work through practice and feedback in a supportive environment.