K-means clustering is a method for partitioning data into k distinct groups based on shared attributes, minimizing the sum of squared distances from data points to their respective cluster centroids. The algorithm involves selecting the number of clusters, initializing partitions, and iteratively assigning data points to the nearest centroid until convergence. Despite its efficiency and broad applications in fields like machine learning and image processing, k-means clustering has drawbacks, such as sensitivity to initial conditions and the need for predefined cluster numbers.