The type of rock that is formed through the cooling and solidification of molten magma is called igneous rock. This process can occur either below the Earth's surface, resulting in intrusive igneous rocks like granite, or above ground during volcanic eruptions, leading to extrusive igneous rocks such as basalt. The composition and texture of igneous rocks can vary significantly based on cooling rates and the chemical composition of the magma. They are one of the three primary rock types, alongside sedimentary and metamorphic rocks, and play a crucial role in the rock cycle.