Pandas is a Python library used for data manipulation and analysis. It has powerful data structures like Series, DataFrames, and Panels. A Series is a one-dimensional array, DataFrame is a two-dimensional array that allows columns of different types, and Panel is a three-dimensional array. DataFrames can be created from lists, dictionaries, and other DataFrames. Columns can be added, deleted, sliced and concatenated. Categorical data types can be used to handle repetitive string values.