The Multi-Store Model of memory, proposed by Atkinson and Shiffrin in 1968, describes how information is processed and stored in three distinct stages: sensory memory, short-term memory, and long-term memory. Sensory memory briefly holds information from our senses, while short-term memory retains a limited amount of information for a short duration. Information can be transferred from short-term to long-term memory through processes like rehearsal and encoding. Long-term memory stores information more permanently and has a much larger capacity, allowing us to recall experiences, knowledge, and skills over time.