Divide and Conquer is a method where a big problem is broken into smaller problems. Each smaller problem is solved by calling the same method again, but with a smaller input. This continues until the problem is simple enough to solve directly, called the base case. After solving the small problems, their answers are combined to get the final solution. The time taken by such algorithms can be described by recurrence relations, which show how the time depends on the size of the input and the time for smaller inputs. For example, if a problem of size n is split into two problems of size n/2, and some constant work is done to combine results, the relation is T(n) = 2*T(n/2) + O(1). This helps us understand and analyze the efficiency of divide and conquer algorithms.