Memoization is a powerful caching technique that: 1) Caches function results based on input parameters, 2) Avoids redundant calculations for the same inputs, 3) Uses a Map for efficient key-value storage, 4) Particularly useful for expensive computations, 5) Trades memory for improved execution speed, 6) Perfect for pure functions with deterministic outputs, 7) Can dramatically improve performance for recursive or frequently called functions, 8) Important to consider memory usage when implementing.