Core Text is Apple's text layout framework that provides a simpler API compared to the older ATSUI framework. It allows converting text into glyphs and positioning them correctly within a given space. The key steps in using Core Text include: 1) creating an attributed string, 2) creating a CTFramesetter, 3) creating a CGPath, and 4) creating a CTFrame to draw the text. Important techniques include resetting the text matrix, breaking layout into parts to improve performance, and flipping coordinates to match Cocoa's upside-down drawing model.