Git is a version control system created by Linus Torvalds in 2005 to manage the Linux kernel source code. It is a distributed system where each user has their own local repository that can be synced with remote repositories. The basic Git workflow involves modifying files locally, staging them, and committing snapshots of the staged files to the local repository. Git tracks changes at a file level and uses SHA-1 hashes to identify commits rather than sequential version numbers.