Constraint Layout is a layout manager that allows widgets to be positioned in relation to each other without using nested view groups. It provides flexibility and performance benefits over other layouts. Some key attributes of Constraint Layout include app:layout_constraintBottom_toBottomOf, app:layout_constraintLeft_toLeftOf, and app:layout_constraintTop_toTopOf which constrain a view to another view's position. Constraint Layout has advantages like drag and drop design, improved performance, and easier animation. However, its XML code can be difficult to understand and previews may not match the runtime output.