The Fast Fourier Transform (FFT) is an efficient algorithm used to compute the Discrete Fourier Transform (DFT) and its inverse. It reduces the computational complexity of DFT from O(Nยฒ) to O(N log N), making it a vital tool in digital signal processing, allowing for quick analysis of discrete-time signals and systems. The FFT enables us to decompose a signal into its constituent frequencies, which is essential for understanding the behavior of systems in various engineering applications.