MongoDB is a document-oriented NoSQL database that stores data in flexible JSON-like documents. It does not enforce a schema on collections of documents and allows embedding related data. Key features include dynamic schemas, indexing, replication for high availability, and horizontal scaling through sharding of data across machines. Documents are organized into collections, databases are containers for collections, and the basic components include the _id field, collections, cursors, databases, documents, fields, and storage of data in JSON format.