Java Server Pages (JSP) is a technology developed by Sun Microsystems, designed to simplify the creation of dynamic websites by allowing HTML to incorporate embedded Java code. JSP is part of a 3-tier architecture, acting as a view in the MVC pattern, and is easier to code than servlets, though it may run slower due to compilation time. Advantages of JSP include dynamic compilation and ease of use, while disadvantages pertain to error tracing and disk space requirements.