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Serialization in Java is the process of converting an object into a byte stream, allowing it to be saved to a file, transmitted over a network, or stored in memory. This enables the persistence of object state. Deserialization is the reverse process, where a byte stream is converted back into an object, restoring its original state. Both processes are crucial for object persistence and communication between distributed systems. In Java, classes must implement the Serializable interface for serialization to occur, indicating that their objects can be serialized and deserialized safely.