RxJS, or Reactive Extensions for JavaScript, is a library for composing asynchronous and event-based programs by using observable sequences. It provides a powerful way to handle events, HTTP requests, and other asynchronous data sources by treating them as streams of data that can be observed and manipulated over time. Using its core concepts of Observables, Observers, and a vast collection of Operators, developers can filter, transform, combine, and manage these streams, which simplifies complex asynchronous logic and helps avoid common pitfalls like callback hell, leading to more declarative and readable code.