HTML 5 is the 5th revision of the core HTML language specification defined by the W3C. It introduces many new features including native multimedia support through elements like <video> and <audio>, canvas element for 2D drawing, offline web applications, and more. The WHATWG and W3C jointly oversee the standardization process, with the specification being implemented across modern browsers though some features have uneven support. HTML5 aims to enhance the web platform with native functionality that was previously only available through plug-ins like Flash.