A Bistable Multivibrator is an electronic circuit that has two stable states, allowing it to store one bit of information. It can be switched between these states using external signals, making it useful in digital electronics for applications like memory storage and flip-flops. This circuit typically consists of transistors or logic gates, which help maintain its state until a triggering event occurs. The two states represent binary values, 0 and 1, enabling the bistable multivibrator to function as a basic memory element in various devices, including computers and digital systems.