The Rosary as we know it was developed in the Middle Ages. it evolved out of an ancient practice in which people who could not read recited 150 Our Fathers for the 150 Psalms. Strings of beads, called "paternosters," were used to keep track of the prayers.
Over time, this practice merged with the Scriptural greeting to Mary ("Hail Mary, full of grace...") and with meditations on the lives of Christ and Mary.
At its heart, the Rosary is a biblical prayer, which is why Scripture verses are often used for meditation with each mystery.
There are four sets of mysteries used for meditation during the Rosary: the Joyful Mysteries (traditionally prayed on Mondays, Saturdays and Sundays of Advent), the Sorrowful Mysteries (on Tuesdays, Fridays and Sundays of Lent), the Luminous Mysteries (on Thursdays), and the Glorious Mysteries (on Wednesdays and all other Sundays).
"The Rosary has accompanied me in moments of joy and in moments of difficulty. To it I have entrusted any number of concerns; in it I have always found comfort."
- St. John Paul II, Rosarium Virginis Mariae