Visual Basic is a programming tool that allows users to develop graphical user interface (GUI) applications for Windows by dragging and dropping pre-built objects onto a form, rather than writing extensive code. It introduced event-driven programming and incorporates concepts like objects, events, event procedures, and has features for database handling, error handling and rapid application development. The Visual Basic integrated development environment provides interfaces like a toolbox of controls, a properties window, form window, and source code window to design, build, and run Visual Basic applications.