jQuery is a JavaScript library that simplifies HTML document traversal, event handling, animating, and Ajax interactions. It allows developers to write less code that does more. Some key features of jQuery include its use of CSS selector syntax to select elements, methods for traversing and manipulating the DOM tree, and ability to bind event handlers. jQuery also helps developers work with the DOM in a cross-browser compatible way, such as executing code when the DOM is ready without waiting for images and stylesheets to load.