Akka Streams & HTTP provides reactive, asynchronous, and non-blocking streams for processing data and HTTP requests and responses. It builds upon Akka IO and the Reactive Streams initiative to allow stream-based topologies to be declared and run for tasks like processing big data, serving clients simultaneously with limited resources, and building distributed applications that integrate with external systems over HTTP. Key features include stream sources, sinks, and transformations along with a routing DSL for building HTTP servers and clients on top of Akka IO and HTTP Core.