Creating a content workflow in Strapi involves enabling the Draft and Publish feature, defining user roles and permissions, configuring the Workflow Plugin to set up multi-stage workflows, setting up review workflow stages, and testing the workflow. Best practices include avoiding overly complex workflows, specifying the responsibilities of each user role, allowing adequate time for each workflow stage, automating manual tasks, and continuously evaluating and improving the workflow. A content workflow can improve productivity, maintain quality and consistency, enhance collaboration, catch errors early, and streamline processes for large sites with many content contributors.