Genetic algorithms are a heuristic search technique inspired by biological evolution to find optimized solutions to problems. The workflow involves initially generating a random population which is then evaluated based on a fitness function. Individuals are selected from the population based on their fitness for reproduction, with crossover and mutation occurring to create a new generation. This process is repeated until an optimal solution is found. Genetic algorithms have applications in fields like robotics, medicine, and computer gaming. They provide advantages like not requiring derivatives and being able to optimize both continuous and discrete functions, but also have limitations such as computational expense and not guaranteeing optimal solutions.