Project Lombok is a Java library that automatically plugs into projects and generates common boilerplate code like getters, setters, equals, hashCode and toString methods through annotations. This reduces code verbosity and speeds up development. The document discusses how to add Lombok dependencies to Maven and Gradle projects, and demonstrates how annotations like @Getter, @Setter, @ToString, @EqualsAndHashCode, @NoArgsConstructor and @Builder can be used to generate these common methods automatically. Potential downsides are that Lombok relies on non-public APIs so compiler upgrades could break code, and it cannot detect constructors of superclasses.