Redis is an in-memory key-value data store that is commonly used for caching, messaging queues, and storing short-lived data. It stores data in RAM for fast read/write speeds and supports various data structures like strings, lists, sets, sorted sets, and hashes. Redis persists data either through snapshots stored on disk periodically or by logging all write operations. It is widely adopted by major tech companies due to its speed, rich data types, and atomic operations.