The FLAGS register is a status register in Intel x86 microprocessors that contains the current state of the processor. It contains status flags like the carry flag, parity flag, zero flag, and sign flag that indicate the outcome of arithmetic operations. It also contains control flags like the interrupt flag and direction flag that control interrupt handling and string processing direction. The FLAGS register is 16-bits wide in 8086 processors and has been expanded to 32-bits and 64-bits in subsequent processors while maintaining backwards compatibility.