Play Framework is a web application framework for Java and Scala that allows for easy integration with IDEs, easily configured routes, and easy compilation. It requires JDK or JRE 5 or later and can run on Windows, Linux, or Mac. A Play project structure includes app, conf, project, and public folders. Play provides advantages like easy integration with IDEs and easy configuration of routes but also has disadvantages like large configuration files and less market adoption compared to other frameworks.