HTML5 is the latest evolution of the standard markup language for the World Wide Web with new semantics and APIs, including new form types like color pickers and date pickers. It introduces features like local storage, video and audio playback, 2D drawing, and geolocation. WebSockets provide a standardized way for the web to establish two-way communications between a client and server. The Canvas element allows for dynamic, scriptable rendering of 2D shapes and bitmap images. Overall, HTML5 aims to make web-based applications more capable and powerful.