Apache Ant is a free build tool used for building Java applications. It uses XML configuration files to define build processes comprised of targets and tasks. Some key benefits of Ant include being cross-platform since it is written in Java, having XML configuration files that are easy to read and modify, and providing faster builds by executing tasks within the JVM. Common tasks include javac for compiling Java code, jar for packaging files into JARs, and javadoc for generating documentation.