Razor Pages is a new coding paradigm introduced in ASP.NET Core 2.0 that simplifies page-focused web development by allowing entire code for a web page to be stored in a single file. It serves as a lightweight alternative to ASP.NET MVC, enabling developers to create simple web pages while sharing features like model binding and tag helpers from MVC. However, Razor Pages lacks some of the more robust features of ASP.NET MVC, making it a suitable option primarily for straightforward applications.