The star topology is a network configuration where all nodes are connected to a central hub or switch, forming a tree-like structure. The central hub acts as a communication center point, allowing messages to be transmitted between devices. The advantages of the star topology include: isolation of devices, simplicity in establishment and troubleshooting, fault tolerance, scalability, and centralized management. However, it also has some limitations such as dependence on the central hub, potential for single points of failure, and requirement for more cable length, which can make it expensive to install.