JMeter is an open-source Java-based tool for performance testing web applications, allowing users to simulate multiple user requests and analyze performance metrics like speed, scalability, and stability. It supports various types of load testing, including performance, capacity, stress, volume, and endurance tests, and can also be used for functional testing of different protocols. Users can configure test plans, utilize various components such as samplers and listeners, and apply assertions to check response validity and performance outcomes.