Realm is an object database management system that supports Android, iOS, and other platforms. It provides an alternative to SQLite and Core Data with features like offline functionality, fast queries, and cross-platform support. Realm uses object models and supports one-to-many and many-to-many relationships between objects. It allows asynchronous transactions to avoid blocking the UI thread. While easier to use than SQLite, Realm also has some limitations like not supporting final or volatile fields.