Git is a distributed version control system designed to handle everything from small to very large projects with speed and efficiency. It is free and open-source software that enables multiple developers to work on the same project without interfering with each other's changes. Git tracks changes in the source code, allowing developers to collaborate on non-linear development and maintain a historical record of modifications. Key features of Git include branch management, staging areas, and support for various workflows, making it a powerful tool for both individual and team-based projects.