Vulkan is a graphics and compute API that specifies shader programs, compute kernels, objects, and operations to produce high-quality 3D graphical images. It uses a programmable and state-driven pipeline model with fixed-function stages invoked by drawing operations. The API consists of commands, structures, and functions to define and manage physical devices, logical devices, command buffers, and pipelines for graphics and compute workloads. Key concepts include the use of queues to submit command buffers and synchronize access across multiple threads of execution.