Git is a distributed version control system that allows users to track changes to files over time. It keeps a record of the history of changes (revisions) to files in a repository. Each user has their own local copy of the source code repository. Basic Git operations include cloning a remote repository, pulling updates, pushing local changes, creating and switching branches, and merging branches. The document recommends a feature-based workflow for collaborating that involves regularly pulling updates, rebasing local branches, committing changes, merging to master, and pushing changes.