Flip-flops are sequential logic circuits capable of storing one bit of binary data. They have two stable states, typically denoted as '0' and '1', and can transition between these states in response to control signals. Flip-flops are widely used for data storage, synchronization, and clocking purposes in digital systems. They come in various types such as D flip-flops, JK flip-flops, and T flip-flops, each offering different functionalities and operating characteristics suited to specific applications.