LevelDB is an embedded key-value store developed by Google that is optimized for fast read and write operations. It can be used as an embedded database or with networking protocols. LevelDB stores data on disk and supports keys and values in arbitrary byte arrays. The LevelUp Node.js wrapper provides an interface to perform common operations like put, get, delete, batch operations, and iterating over data streams. LevelDB can store JSON objects by setting the valueEncoding option to 'json'.