Java is a versatile programming language developed by Sun Microsystems in the early 1990s, initially named Oak and later renamed Java. It is characterized as a simple, object-oriented, distributed, interpreted, robust, and secure language that is platform-independent, with common applications in desktop, web-based, and mobile environments. The Java development process includes writing source code, compiling it into bytecode, and executing it on the Java Virtual Machine (JVM), which enables cross-platform compatibility.