The Gift of the Magi is a short story written by O. Henry. It revolves around a young married couple, Jim and Della, who are struggling financially but want to give each other meaningful Christmas gifts. In a twist of fate, they both make sacrifices to buy gifts for each other, only to discover that their gifts are no longer useful. This poignant story reminds us of the importance of selflessness and the true spirit of giving during the holiday season.