Gitflow is a branching model for Git that uses branches to isolate work that is in progress from completed work. It uses main branches called master, develop and supporting branches like feature, release and hotfix branches. The develop branch is used for ongoing development work while feature branches are used for new features. Release branches are used to prepare releases and hotfix branches are for urgent fixes to production. The model aims to provide a structured workflow and clear separation of changes for easy project management and code collaboration.