Hive is a data warehousing system built on Hadoop that allows users to query data using SQL. It consists of components like the Hive query language, metastore, and SerDes. Hive allows users to create and manage databases and tables, load data, and run queries using a SQL-like language that outputs results or transforms data using MapReduce jobs. It is used at Facebook to analyze large amounts of structured data stored in HDFS.