Serverless computing is an emerging cloud computing model where the cloud provider manages resources and scales applications automatically in response to demand. With serverless, developers focus on writing code for independent, stateless functions rather than worrying about servers. Serverless platforms support automatic scaling, pay-per-use pricing, and event-driven computing using functions as the basic unit. While serverless offers benefits like reduced costs and management overhead, it also presents drawbacks like vendor lock-in and lack of debugging access.