BCS theory is a groundbreaking theory in condensed matter physics that explains how superconductivity arises in certain materials at low temperatures. It introduces the concept of Cooper pairs, which are pairs of electrons that form due to lattice vibrations, leading to zero electrical resistance and expulsion of magnetic fields in superconducting materials. BCS theory has been instrumental in understanding and developing practical applications of superconductivity, such as in MRI machines and particle accelerators.