The graphics pipeline is a series of steps used in computer graphics to convert 3D models into 2D images on a screen. It involves several stages, including vertex processing, where the positions of points in 3D space are calculated, and rasterization, which converts these points into pixels. Each stage processes data to create a final image that can be displayed. Key components of the graphics pipeline include shaders, which are small programs that determine how surfaces appear, and framebuffers, which store the final image before it is shown. This structured approach allows for efficient rendering of complex scenes in video games and simulations.