Minicom is a Linux terminal emulation program that allows for serial communication between a microcontroller and computer for testing and analysis. It can be used to configure Linux boards and run TFTP servers. The document provides steps to set up Minicom for serial communication on a Fedora 9 system, including selecting the serial device and baud rate, saving the configuration, and running Minicom to see a "Hello World" message from a connected microcontroller.