Azure Storage is Microsoft's cloud storage solution that provides scalable and reliable storage for modern applications. It contains four main services - Blob storage for unstructured object data, Table storage for structured datasets, Queue storage for reliable messaging, and File storage for shared storage. Data stored in Azure Storage can be replicated across multiple locations for durability and high availability depending on the replication option selected - locally redundant, zone redundant, geo-redundant or read-access geo-redundant storage.