Instruction Fetch is the first step in the process of executing a program in a computer's central processing unit (CPU). During this phase, the CPU retrieves the next instruction to be executed from the program's memory. This instruction is identified by its address, which is stored in a special register called the Program Counter. Once the instruction is fetched, the CPU decodes it to understand what action needs to be performed. This process is crucial for the smooth operation of a program, as it ensures that the correct instructions are executed in the right order, allowing the computer to perform tasks efficiently.