The HSV Color Model represents colors in terms of three components: Hue, Saturation, and Value. Hue indicates the color type, such as red or blue, and is measured in degrees from 0 to 360. Saturation describes the intensity or purity of the color, while Value refers to the brightness of the color, ranging from black to the full color. This model is often used in graphic design and image editing because it aligns more closely with human perception of colors. By adjusting these three components, users can easily create and manipulate colors to achieve desired effects in digital artwork.