Lean software development aims to eliminate waste from the software development process by applying principles from lean manufacturing. The key principles of lean thinking include eliminating waste, increasing feedback, delaying commitment, delivering fast, empowering teams, building integrity in, and seeing the whole system rather than optimizing parts. Applying these principles, such as integrating work daily and weekly to increase feedback, keeping options open as long as possible, and empowering teams, can help software development become more efficient and responsive to customers.