The MEAN stack is a full-stack JavaScript framework composed of MongoDB, Express.js, AngularJS, and Node.js, designed for developing dynamic and scalable web applications. It offers advantages such as efficiency, ease of use for JavaScript developers, and a flexible architecture that facilitates customization. Each component of the MEAN stack plays a critical role in web development: MongoDB serves as the database, Express.js handles web application operations, AngularJS manages the front-end, and Node.js operates on the server side.