AWS Elastic Beanstalk is a service that allows developers to easily deploy and manage applications in the AWS cloud. It removes the need for developers to worry about setting up infrastructure by automatically handling tasks like load balancing, auto-scaling, and application deployment. Elastic Beanstalk supports many programming languages and frameworks out of the box and allows full control over the underlying EC2 instances and other AWS resources. It aims to help startups save time and money by reducing the infrastructure management overhead.