Relay is a JavaScript library developed by Facebook that provides a framework for fetching and managing data for React applications. It uses GraphQL to allow clients to request specific data from an API in a declarative way. Relay handles data fetching, caching, normalization of responses, and passing the data as props to React components. Some key aspects of Relay include its use of containers to fetch data and translate GraphQL responses to JSON, its separation of remote and local data storage, and its composable architecture. While Relay speeds up development and keeps applications flexible, it also has some limitations as an early-stage project such as lack of documentation and examples for some use cases.