ASP.NET is a web development platform provided by Microsoft that is used for creating web-based applications. It allows applications to be written in languages like C#, VB.Net, and J#. ASP.NET uses a request-response model where requests are handled by the web server which returns responses to the client. It has a set of standard class libraries, the most used being the Web library which contains components for developing web applications. ASP.NET applications go through a page lifecycle on each request, initializing objects and allowing events to be handled at each stage before a response is returned.