Functional programming is a paradigm that treats computation as the evaluation of mathematical functions and avoids state and mutable data. It promotes pure functions without side effects. Some advantages of functional programming include cleaner code, referential transparency which enables memoization, parallelization, and easier debugging. While Python is multi-paradigm, functional programming techniques like immutable data, higher-order functions, recursion, and lazy evaluation can be applied for more elegant and maintainable code.