ASP.Net is a web development platform that provides a programming model, infrastructure, and services for building robust web applications. It uses HTTP to enable two-way communication between a browser and server. ASP.Net applications are compiled code written in languages like C# and VB.Net that can use classes in the .Net framework. The ASP.Net lifecycle involves initializing and loading pages, handling events, rendering output, and unloading pages. Key stages include initialization, loading, validation, handling postback events, and rendering.