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To extract the month name from a date using the TEXT function in Excel, start with the formula: `=TEXT(value, format)`. The first parameter, 'value', is the selected date. For the second parameter to get the month name, use `""MMMM""` (four "M"s). After pressing enter, the month name will appear. To apply this to multiple dates, drag the formula down. Additionally, to get the month number, modify the second parameter to `""MM""` (two "M"s) and drag the formula down again. This demonstrates how the TEXT function can be utilized for both month names and month numbers.