MongoDB is an open-source, document-oriented database designed for high performance, scalability, and easy administration, developed by 10gen (now known as MongoDB Inc.) since 2007. It uses BSON for data representation and supports features like ad hoc queries, indexing, replication, and automatic sharding. Thousands of companies across various industries utilize MongoDB for application development due to its ability to handle large data volumes and its flexibility compared to traditional relational databases.