In a Biblical theological sense, the term Exegesis is used to delineate an approach to interpreting Biblical passages using critical analysis. In its contemporary use, the term means a critical interpretation of text, regardless if it is Biblically-based or not.
Properly conducted exegesis includes utilizing several things in order to arrive at what the Biblical writer is attempting to convey. It includes understanding the context of a particular set of verses and comparing them with other Scriptures, along with applying what is unknown about the customs extant at the time of writing. In short, it means to try and pull from a passage its inherent meaning. Eisegesis is the opposite of exegesis, which is an approach to interpreting a Bible passage by reading into it a meaning that is not evident at all by the passage.
Two different types of exegesis exists. The first is called Rational and the second is called Revealed. Revealed exegesis states that God's Spirit is the inspiration behind the writers of the Bible. This means the Biblical words found within its pages are written under the divine inspiration of God and convey his perfect will for mankind. Rational exegesis states the authors of the books of the Bible were using their own creative minds (without any influence from God) to compose their writings.
Taken together, the two types of Exegesis state that some can study God's word believing he himself was the inspiration behind it while others study the Scriptures from the point of view that it is just a mere collection of made up stories, myths, tall tales, etc.
The Bible itself, however, clearly states its writers were inspired and even eyewitnesses to what they wrote. Rather than being a collection of fanciful fables or stories created out of the will of man, the Bible teaches its words came from God to holy men and women through the power of the Holy Spirit.
16. For we did not follow cleverly concocted myths as our authority, when we made known to you the power and coming of our Lord Jesus Christ, but we were eyewitnesses of His magnificent glory; 21. Because prophecy was not brought at any time by human will, but the holy men of God spoke as they were moved by the Holy Spirit. (2Peter 1:16-21)