The Michaelis-Menten equation is the cornerstone of enzyme kinetics: v = (Vmax × [S]) / (Km + [S]). It describes how the rate of an enzyme-catalyzed reaction depends on the concentration of substrate. It assumes that an enzyme (E) and substrate (S) react to form a complex (ES), which then yields product (P) and regenerates the enzyme. This model is essential for understanding drug actions, metabolic pathways, and biocatalysis in industry.