WordPress is an open source content management system powered by PHP and MySQL. It allows users to create and manage blog posts and content through a plugin and widget architecture. Key terms include posts, tags, categories, media, pages, dashboards, widgets, plugins, archives, and RSS feeds. Advantages include it being free, easy to set up and learn, and having many plugins and templates. Disadvantages include themes sometimes looking similar, potential security issues with PHP, and heavy database queries.