FinFET is a non-planar, double-gate transistor developed to mitigate short-channel effects, characterized by a conducting channel wrapped by thin silicon 'fins.' It offers advantages such as higher technological maturity, better current driving capabilities, and cost efficiency, but has drawbacks including reduced electron mobility and reliability issues. Recent advancements in FinFET technology are being incorporated by major companies like Qualcomm and Samsung, leading to applications in smaller and more efficient chips.