The Redshift Phenomenon refers to the observed increase in the wavelength of light from distant celestial objects, indicating that they are moving away from us. This effect is primarily due to the expansion of the universe, as described by Hubble's Law, which states that the farther away a galaxy is, the faster it appears to be receding. There are different types of redshift, including Doppler Redshift, which occurs due to the relative motion of objects, and Gravitational Redshift, which is caused by the influence of gravity on light. Understanding redshift is crucial for studying the universe's structure and evolution.