Ramadan marks the month during which the Qur'an started to be revealed. There are a few important points/events to Ramadan. First I will hit on fasting.
"fasting": To abstain from food, drink, and sex from dawn until sunset.
Fasting the month of Ramadan specifically is one of the 5 Pillars of Islam:
1. Testifying that there is no god but Allah and Muħammad is his messenger
2. Prayer
3. Alms-giving
4. Fasting Ramadan
5. The pilgrimage to Makkah for those able to.
Every year, during the month of Ramadan, those Muslims physically able to fast do so as described previously. This is an obligatory fast.
In addition, there are also recommended additional days such as:
1. Fasting on Mondays and Thursdays
2. Fasting the 10th day of the month of Muħarram (commemorates a number of events, including the Exodus, and Noah's Ark resting on dry land... etc.)
In any case, there are a number of purposes behind fasting. I don't know all of them. However, here are a few.
Fasting is the only form of worship I know of in Islam where one isn't supposed to "do" something, but rather "abstain from doing" something.
Fasting is a way for the individual to show devotion by abstaining from things that are normally necessary to maintain life.
When one fasts, one experiences thirst and hunger, which might be a good reminder of what poor people go through every so often. Think of it as walking a mile in someone's shoes.
Fasting can coach the individual to become more disciplined: Just because one might be very thirsty, hungry or aroused, one does not necessarily need to give in to their natural urges. One example would be when some people give away their own food to others who might be in more need for it.
Another important point of Ramadan is prayer and Qur'an reading. During Ramadan prayers are held every night, during which a section of the Qur'an is to be read. By the end of the month the whole Qur'an should be completed. Alot of people also choose to pay their Zakaat (alms) at this time.
Important day in Ramadan:
Laylat al-Qadr occurs during the last third of the month. It commemorates the revelation of the first verses of the Qur'an; it is considered the most holy night in the year (better than a thousand months [Qur'an 97:1-3]).
Eid ul-Fitr occurs at the end of Ramadan and signals the end of the fast. It's marked by prayer, feasting and giving food to the poor.
Allāhu A3lam