The theory of parallel universes is a radical idea of Hugh Everett III, a Princeton University doctoral candidate, proposed in year1954, also named as multiverse theory and Many-Worlds theory. It states that there are many universes that exists parallel to our universe and there are most likely similar events happening at different universes at same time but with different outcomes.
The species that becomes extinct from one universe might be surviving in some other universe; there might have been wars just like in our universe, but with different outcomes, there may be a clone of you in a different universe also reading this article.
The base behind theory of parallel universes is that our observable universe is only a tiny part of space, that we can theoretically assume as infinite. So the rules of probability will imply that there would surely be some other planets in space that have likely same events happening as in earth. So think for a moment that a clone of you is existing at some other universe and doing the same activities just like you but with different outcomes!
Four different levels of multiverses have been proposed in the theory. I will only outline the levels of parallel universes and will not go into details to keep this article short:
Level 1: Regions Beyond Cosmic Horizon -
Assumptions: Space is infinite and there is a uniform distribution of matter.
There are infinite other inhabitant planets and there is a very strong possibility that likely events will be happening at more than one planet. So first level of parallel universes projects the existence of similar species and likely events being happening at same time at two different locations. In other words there is a duplicate of planet earth somewhere in other universes.
Level 2: Other Post-Inflation Bubbles -
The level 2 of multiverse theory is based on inflation between different universes. Due to continuing inflation, the space between level 1 multiverse and its neighbors is rapidly expanding at a rate faster than the speed of light, making it unreachable from neighboring universes.
Level 3: The Many Worlds of Quantum Physics -
Level three approach is based on many worlds interpretation from quantum physics. It emphasizes on the existence of a third world, where the universe keeps on branching into parallel universes when there are more than one outcomes of a quantum event. Each possible outcome of the event occur in separate branch.
Level 4: Other Mathematical Structures -
Assumptions: The physical world is a mathematical structure and the mathematical democracy.
Level 4 multiverse is governed by a different set of rules than the ones that govern our universe. There may be other mathematical equations that are not yet known to us but those exists. So a universe governed by those mathematical structures is also real and forms the bases of level 4 parallel universe.
That’s all the basic approach of “Theory of parallel universes”. I would recommend you to watch the video above to get better understanding of this theory.

This is an amazing story and thumbs up for the video above about existence of parallel universes.