Priority Scheduling is a method used in operating systems to manage processes based on their importance. Each process is assigned a priority level, and the system allocates CPU time to the highest-priority processes first. This ensures that critical tasks receive the resources they need promptly, improving overall system efficiency. However, Priority Scheduling can lead to issues like starvation, where lower-priority processes may wait indefinitely if higher-priority processes keep arriving. To mitigate this, some systems implement techniques like aging, which gradually increases the priority of waiting processes, ensuring that all tasks eventually get executed.