React is a JavaScript library for building user interfaces developed by Facebook. It uses a component-based approach to build modular and reusable UI components that manage their own state. Components receive data and callbacks through properties and local state is updated through setState(). The virtual DOM provides efficient re-rendering when state changes by comparing the new representation with the previous one. Everything in React is a component, components receive and manage data through properties and local state, and the declarative nature simplifies complexity.