Jetpack Compose is Google's new declarative UI toolkit for Android that aims to simplify building user interfaces. It uses composable functions to build up UI elements in a declarative way. Composables can update reactively in response to changes in state data models. This allows building UIs as simple as printing lines of code. Compose principles include treating UI as functions, using composable building blocks, and implementing a top-down data flow from state models to views through composables. The speaker demonstrates a simple counter app built with Compose.