Core Data is a framework for managing object graphs and object lifecycles in iOS and macOS apps. It includes classes like NSManagedObjectModel, NSManagedObjectContext, and NSPersistentStoreCoordinator that make up the Core Data stack. Developers can create managed object subclasses to define entities, attributes, and relationships to represent application data. Objects can be created, fetched from the persistent store, modified, and saved back using Core Data APIs. Relationships allow objects to reference each other, and faults improve performance by lazily loading related objects only when needed.