Neutralization reaction is a chemical reaction in which an acid and a base react quantitatively with each other to form a salt and water. For example, when hydrochloric acid ($HCl$) reacts with sodium hydroxide ($NaOH$), it forms sodium chloride ($NaCl$) and water ($H_2O$). The general equation is: Acid + Base $\rightarrow$ Salt + Water. This reaction essentially neutralizes the acidic and basic properties of the reactants.