The ELK Stack consists of three open source components - Elasticsearch for searching and analytics, Logstash for importing and processing data, and Kibana for visualizing data. Elasticsearch is a distributed, RESTful search and analytics engine that stores data in JSON documents. Logstash is used to import data from various sources and parse logs and events. Kibana works with Elasticsearch to provide dashboards and visualizations of logs and metrics. Together these tools form a popular stack for log analytics, monitoring, and visualizing structured and unstructured machine data.