TensorFlow is a tool for building computational graphs that can be distributed across CPUs and GPUs. It allows building deep learning models at a low level but also provides higher level APIs like Keras. The key concepts in TensorFlow include the computational graph, operations, sessions, and TensorBoard for visualizing models. TensorFlow 1.0 is stable for building and training models, and upcoming features like XLA will optimize models for faster execution. Higher level APIs and tools like Keras and Estimators make TensorFlow easier to use.