JIT (Just In Time) compilation is a technique where source code is compiled to machine code during runtime rather than prior to execution. This allows optimizations to be performed based on how the code is actually used at runtime. The key benefits of JIT are that it can utilize dynamic information to optimize code and optimize dynamically loaded code. However, it also increases complexity and memory usage compared to traditional compilation prior to execution. Many modern frameworks like .NET and Java rely on JIT compilation to achieve high-speed code execution.