Pig is a platform for analyzing large datasets using a high-level language called Pig Latin. Pig Latin scripts are compiled into MapReduce jobs for execution. Pig can load, filter, join, group, order, and store data. Common operations include LOAD to import data, FILTER to filter records, FOREACH to generate new fields, DISTINCT to remove duplicates, and STORE to export data. Pig also supports functions like AVG, MAX, MIN, SUM, and TOKENIZE to analyze data.