Undo/redo is a software functionality that allows users to reverse or reinstate their last actions in a program, enhancing the user experience by providing a safety net for mistakes. This feature is commonly implemented using data structures like stacks, where each action is pushed onto a stack, and undoing involves popping actions from this stack, while redoing involves pushing them back onto another stack. This mechanism not only ensures flexibility in editing but also fosters user confidence as they navigate through tasks.