The Objects Library provides an object-oriented way to manage GUI windows and objects in RingQt applications. It uses classes to represent windows and controllers, and handles connecting events to controller methods. Some key features include opening windows with Open_Window(), creating view and controller classes that inherit from base classes, getting the last opened window with Last_Window(), and setting the parent object with SetParentObject() when opening sub-windows. The library aims to support the MVC pattern and make it easier to work with multiple related windows in RingQt apps.