Openstack is an open source cloud computing platform that consists of several independent components that work together to provide infrastructure as a service capabilities. It allows users to provision compute, storage, and networking resources on demand in a self-service manner similar to public cloud providers like AWS. Some key components include Nova for compute, Glance for images, Swift for object storage, Cinder for block storage, Neutron for networking, and Keystone for identity services. Openstack can be used to build public, private, or hybrid clouds and supports a variety of use cases and workloads.