ITIL is a framework for IT service management that was first created in 1980 and has since gone through several versions. It consists of processes, procedures, tasks, and checklists to help manage capabilities, knowledge, risks, and resources through collaboration. The framework provides a lifecycle approach and is broken into modules like service strategy, service design, service transition, service operations, and continuous service improvement. ITIL aims to provide best practices for delivering quality IT services and improving customer satisfaction.