Core Web Vitals is a set of speed metrics that Google uses for ranking pages as part of its page experience signals, with a focus on mobile performance. The metrics, including Largest Contentful Paint (LCP), Cumulative Layout Shift (CLS), and First Input Delay (FID), will officially impact SEO rankings starting June 2021. It is essential for website owners to monitor their Core Web Vitals through Google Search Console to ensure their pages are categorized as 'good' for optimal ranking.