The Rational Unified Process (RUP) is a software development process framework created by Rational Software (now part of IBM). It is an iterative process with four phases - Inception, Elaboration, Construction, and Transition. The RUP focuses on architecture, is customizable, and aims to deliver high quality software that meets customer needs. Unlike the Waterfall model, the RUP allows for changes and corrections throughout development. It emphasizes collaboration, demonstrating value iteratively, and continuous quality improvement through practices like testing.