PL/SQL is Oracle's procedural language extension to SQL that allows developers to write programs that combine SQL statements to manipulate data with procedural programming constructs like variables, conditions, and loops. PL/SQL code can be executed on the Oracle server for improved performance compared to executing multiple SQL statements individually. PL/SQL blocks contain a declaration section, executable section, and optional exception handling section. Named blocks can be stored in the database as procedures, functions, or packages while anonymous blocks are executed once.