What is a Master Page? How do we use it?

A Master Page is a page that contains markup and controls that should be shared across multiple pages in your site. For example, if all of your pages should have the same header and footer banners or the same navigation menu, you could define this in a Master Page once, and then all pages associated to this Master Page would inherit those common elements. The advantage of defining the header, footer, and navigation in a Master Page is that these elements need only be defined once, instead of multiple times in duplicate code across the pages in your site.
Defining a Master Page is just like defining a normal page. Master Pages can contain markup, controls, or code, or any combination of these elements. However, a Master Page can contain a special type of control, called a ContentPlaceHolder control. A ContentPlaceHolder defines a region of the master page rendering that can be substituted with content from a page associated to the master. A ContentPlaceHolder can also contain default content, just in case the derive page does not need to override this content. The syntax of a ContentPlaceHolder control is given below:
To differentiate a Master Page from a normal page, a Master Page is saved under the .master file extension. A page can derive from a Master Page by defining a MasterPageFile attribute on its Page directive, as demonstrated below. A page that is associated to a Master Page is called a Content Page.