Gerrit is a code review tool that allows developers to submit code changes for peer review before the changes are merged into the main code repository. The change lifecycle involves cloning or fetching a repository, creating a review by pushing the change to Gerrit, undergoing review and reworking if needed, passing verification, and finally publishing and submitting the change. Developers must include a change ID and signed-off-by line in commit messages to push changes to Gerrit for review.