Gevent is a Python library that uses greenlets to provide a synchronous-looking API for asynchronous applications. It uses a single OS thread and event loop to handle many connections concurrently by switching between greenlets frequently. This allows applications to achieve high concurrency with low memory usage compared to multithreading. Gevent patches common libraries like sockets to be non-blocking and cooperative. When data is available on a socket, the socket's greenlet is resumed to process it rather than blocking the entire program.