The 'this' keyword in JavaScript refers to the owner of the function that is being executed. The value of 'this' is determined by how the function is called. In a global context, 'this' refers to the global object (window). In a constructor function called with 'new', 'this' refers to the newly created object. In event handlers, 'this' refers to the element that received the event. The value of 'this' can be explicitly set by using call, apply, or bind.