Ray optics fails when light meets obstacles or slits comparable to its wavelength. Wave optics treats light as an electromagnetic wave and explains interference, diffraction and polarisation. The foundation is Huygens' principle: every point on a wavefront acts as a source of secondary spherical wavelets, and the new wavefront is the forward envelope of these wavelets. This predicts both reflection and refraction (giving Snell's law) and shows that waves bend around edges.
Interference arises when two coherent waves (constant phase difference, same frequency) superpose. Where they arrive in phase the amplitude is maximum (constructive, bright fringe); where they arrive out of phase it is minimum (destructive, dark fringe). Energy is merely redistributed, never destroyed.
In Young's double-slit experiment, monochromatic light passes through two narrow slits separated by $d$, giving equally spaced fringes on a screen a distance $D$ away. The path difference at a point $y$ from the centre is $\Delta = \dfrac{y\,d}{D}$. Bright fringes occur for $\Delta = n\lambda$ (maxima) and dark fringes for $\Delta = (n+\tfrac{1}{2})\lambda$ (minima). The fringe width is $\beta = \dfrac{\lambda D}{d}$. Coherence is essential, which is why both slits are lit by the same source.
Diffraction is the bending and spreading of light around obstacles or through narrow openings. In single-slit diffraction of width $a$, the central maximum is bright and twice as wide as the side maxima; minima occur where $a \sin\theta = n\lambda$ ($n = 1, 2, 3, \dots$), and the angular half-width of the central maximum is $\theta \approx \dfrac{\lambda}{a}$. Diffraction sets the ultimate limit on the resolving power of optical instruments.
Polarisation demonstrates that light is a transverse wave — the electric field oscillates perpendicular to the direction of propagation. Ordinary light is unpolarised; a Polaroid transmits only one direction of vibration. When polarised light of intensity $I_0$ passes through an analyser whose axis makes angle $\theta$ with the polariser, the transmitted intensity follows Malus' law $I = I_0 \cos^2\theta$. Unpolarised light through a single Polaroid emerges with half its intensity, $I_0/2$.