Lagging strand synthesis refers to the process of DNA replication that occurs on the lagging strand, which is synthesized discontinuously in short segments called Okazaki fragments. This process involves various enzymes and mechanisms that enable the replication of DNA in the 5' to 3' direction, despite the overall movement of the replication fork. It showcases the complexity of DNA replication and highlights the coordination of multiple enzymes to ensure accurate and efficient copying of genetic material.