A hyperbola is a type of conic section that consists of two distinct, open curves called branches, which are mirror images of each other. It is formed by the intersection of a plane with both halves of a double cone, creating a shape characterized by its asymptotic behavior and specific algebraic equations. Hyperbolas are defined by their center, vertices, foci, and asymptotes, making them unique compared to other conic sections like circles and ellipses.