Python, created by Guido van Rossum in the late 1980s and released in 1994, has evolved significantly over the years with versions 2.0 and 3.0 introducing critical features and improvements. It is favored for its simplicity, extensive libraries, and versatility in applications ranging from web development to IoT, although it faces challenges in speed and mobile computing. Python supports various programming paradigms, is open-source, and is known for its readable syntax, making it accessible for beginners and efficient for experienced programmers.