Knockout.js is a JavaScript library that helps create rich, responsive user interfaces by linking a data model to a UI. It provides elegant dependency tracking to automatically update the UI when the data changes. Key benefits include declarative bindings for easily connecting UI elements to the data model, and extensibility through custom bindings. The document introduces view models as a representation of the data and operations on the UI, separate from the persisted data model and UI presentation. It explains how to create a basic view model, activate Knockout to enable bindings, and use observables to make properties trigger updates when they change.