Mongoid is an object document mapper (ODM) for MongoDB that allows developers to work with MongoDB documents as objects. Some key features of Mongoid include defining document schemas with fields and associations like references and embeds, validation support, indexing, integration with Rails caching and authentication frameworks like Devise, and dropping down to the lower-level MongoDB driver when needed for performance. Mongoid aims to provide an everyday ORM solution for MongoDB along with features for testing, searching, and file uploads.