The Hodgkin-Huxley Model is a mathematical framework that describes how action potentials in neurons are initiated and propagated. Developed by Alan Hodgkin and Andrew Huxley in the 1950s, it explains the ionic currents that flow through neuronal membranes during electrical signaling. The model uses differential equations to represent the dynamics of sodium and potassium ion channels. This model is significant in neuroscience as it provides insights into the electrical behavior of nerve cells. By simulating how changes in ion concentrations affect membrane potential, the Hodgkin-Huxley Model has laid the groundwork for understanding various physiological processes and has influenced further research in neurobiology.