Conditional Compilation is a programming technique that allows developers to include or exclude parts of code based on specific conditions. This is useful for creating different versions of a program for various environments, such as development, testing, or production. By using preprocessor directives, developers can control which code is compiled, making it easier to manage features and configurations. In languages like C and C++, conditional compilation is achieved through directives such as `#ifdef`, `#ifndef`, and `#endif`. This enables programmers to write code that adapts to different platforms or conditions without duplicating code, enhancing maintainability and reducing errors.