FastAPI is a modern, high-performance web framework for building RESTful APIs using Python 3.6+ and follows the principles of representational state transfer (REST). It offers features like asynchronous support, automatic documentation generation, data validation with Pydantic, and integration with other libraries, making it a popular choice for developers. The document details steps to create a FastAPI application, including setting up project directories, defining data models, creating endpoints, and testing the API.