Git is a version control system created by Linus Torvalds that allows developers to track changes to files over time through snapshots called commits. GitHub is a hosting service for Git repositories that provides additional features like tracking commit histories and code comparisons. The basic Git workflow involves initializing a repository, adding files, committing changes locally with messages, and pushing commits to a remote repository such as one hosted on GitHub. This allows developers to collaborate by pulling each other's changes and merging code together.