AWS Elastic Beanstalk is a PaaS service that allows users to deploy and manage applications in the AWS cloud. It automates the provisioning and management of infrastructure resources like EC2 instances, load balancers, auto-scaling etc. Developers can simply upload their code and Elastic Beanstalk handles deployment, capacity provisioning, scaling and health monitoring. It supports multiple programming languages and frameworks out of the box. Users pay only for the underlying AWS resources like EC2 instances and storage used.