Memory leaks occur when a program fails to release unused memory, leading to performance issues and potential crashes, particularly in complex JavaScript applications. Despite JavaScript's built-in garbage collection, memory leaks can still happen if there are lingering references in the code. Identifying these leaks can be challenging, but tools like Chrome's Allocation Timeline facilitate the process by highlighting memory usage and stack traces, allowing developers to pinpoint the source of leaks more efficiently. An illustrative example demonstrates how clicking an "Allocate" button on a webpage increases memory consumption by storing strings in an array, simulating a memory leak by preventing garbage collection. Developers can use the Allocation Timeline to track memory allocation and deallocation, represented by blue and gray bars, respectively, and can export snapshots for further analysis. The Allocation Timeline can be a valuable resource for addressing memory leaks, enabling developers to maintain better performance and stability in their applications.