Light exhibits dual properties, behaving as both waves and particles depending on the context. The wave model is effective in explaining phenomena like the double slit experiment, while the particle model is necessary for understanding the photoelectric effect. In some situations, such as light reflecting off a mirror, either model can be used interchangeably. The discussion emphasizes that light's nature may be more complex than simply being categorized as a particle or wave. Understanding these dual characteristics is crucial for grasping the fundamental principles of light behavior.