The mean value theorem is a fundamental concept in calculus that establishes a relationship between the average rate of change of a function over an interval and the instantaneous rate of change at some point within that interval. It states that if a function is continuous on a closed interval and differentiable on the open interval, then there exists at least one point in the interval where the instantaneous rate of change of the function is equal to the average rate of change over the interval. The mean value theorem has important implications for understanding the behavior of functions and is used in various applications in mathematics and science.