jQuery is a JavaScript library that makes it easier to write JavaScript code that runs on different browsers. It allows selecting DOM elements, traversing through them and manipulating them. jQuery simplifies tasks like handling events, animating elements, and making AJAX calls. Some key features include selecting elements by tag name, ID, or CSS class; traversing DOM elements; binding event handlers; animating elements with effects like show, hide, fade; and making asynchronous HTTP requests via AJAX.