Roboguice is a dependency injection framework for Android. It allows binding interfaces to implementations, annotation bindings, instance bindings, and provides methods and objects on demand. Roboguice also supports injection points like @ContentView, observing lifecycle events with @Observes, asynchronous tasks with RoboAsyncTask, and scoping with Singleton and ContextSingleton. The injector creation process involves static building, injection, and singleton preloading phases. Best practices include keeping constructors hidden, injecting only direct dependencies, avoiding cyclic dependencies, and making modules fast and side-effect free.