Elastic Beanstalk is an AWS PaaS that allows users to easily deploy and manage applications in the AWS cloud. It provides an auto-scaling and auto-updating environment for applications. Elastic Beanstalk manages the infrastructure and deployment for applications so users can focus on their code. It supports various deployment strategies including all-at-once, rolling, rolling with auto-scaling, immutable, and A/B testing deployments. Users can configure Elastic Beanstalk environments using files or the management console to control settings for each environment.