Git is a distributed version control system commonly used for software development. It allows multiple developers to work on a project simultaneously, tracking changes made to the files and allowing collaboration and coordination among team members. Git records the history of changes, enables branching and merging of code, facilitates reverting to previous versions, and provides a platform for managing and sharing code across different repositories. It is an essential tool for version control and popular among developers for its speed, flexibility, and robustness.