AWS Elastic Load Balancing (ELB) is a service that automatically distributes incoming application traffic across multiple targets, such as Amazon EC2 instances, containers, and IP addresses. This helps ensure that no single resource is overwhelmed, improving the availability and fault tolerance of applications. ELB supports various load balancing methods, including Application Load Balancer, Network Load Balancer, and Classic Load Balancer, each designed for different use cases. By efficiently managing traffic, ELB enhances the performance of applications and provides a seamless experience for users, even during peak demand periods.