Repeatable Reads is a database transaction isolation level that ensures if a transaction reads a data item, subsequent reads within the same transaction will return the same value, even if other transactions modify the data. This prevents issues like non-repeatable reads, where a value could change between reads. However, while Repeatable Reads maintains consistency for reads, it does not prevent phantom reads, where new rows can be added by other transactions that match the query criteria. This isolation level strikes a balance between consistency and concurrency, making it suitable for many applications that require reliable data retrieval.