Elastic Beanstalk is a service that allows developers to quickly deploy and manage applications in AWS. It allows developers to upload code and automatically handle the deployment, from capacity provisioning, load balancing, auto-scaling to application health monitoring. Developers retain full control over the AWS resources and can easily manage their application's availability and capacity. Elastic Beanstalk supports multiple languages and frameworks like Java/Tomcat and allows running other AWS services alongside. Customers pay only for the underlying AWS resources like EC2 instances and load balancers used.