Numba is an open-source JIT (just-in-time) compiler for Python functions that significantly speeds up code execution, achieving speedups from 2x to 200x compared to regular Python. It supports a variety of platforms and hardware, enabling optimization for single-threaded, multi-threaded, and GPU execution models, while being especially effective for loop-heavy numerical algorithms and numpy arrays. The document provides an overview of Numba's capabilities, tutorials, and guidelines for best utilization.