AWS Lambda is Amazon's serverless computing platform that allows you to run code without provisioning or managing servers. Code is run in response to events and AWS automatically manages the computing resources. Key advantages are only paying for the compute time used and not having to manage servers. Lambda supports Node.js, Python, Java, and C# and functions can be triggered by events from services like S3, DynamoDB, and API Gateway. Functions are configured and coded within the Lambda management console. Pricing is based on number of requests and compute time used, with the first million requests and 400,000 GB-seconds of compute time being free each month.