ChatGPT is an AI language model developed by OpenAI that generates human-like text responses for various applications, including content generation, coding assistance, and information retrieval. Its advantages include natural language understanding, 24/7 availability, and multilingual support, while limitations encompass lack of true understanding, biases, and potential for misinformation. Effective use of ChatGPT requires awareness of these strengths and weaknesses to enhance personal and professional tasks responsibly.