The Biot-Savart Law describes how electric currents create magnetic fields. It states that the magnetic field produced at a point in space is proportional to the current flowing through a conductor and inversely proportional to the square of the distance from the conductor. This law helps in calculating the magnetic field generated by various current configurations. The law is essential in understanding electromagnetism and is used in applications like designing electromagnets and analyzing magnetic fields around wires. It is named after French physicists Jean-Baptiste Biot and Felix Savart, who formulated it in the early 19th century.