A Library File is a collection of precompiled code and resources that can be used by software applications. It typically contains functions, classes, and data that developers can utilize to perform specific tasks without having to write the code from scratch. This helps streamline the development process and promotes code reuse. Library files are often categorized into two types: static libraries and dynamic libraries. A static library is linked to an application at compile time, while a dynamic library is linked at runtime, allowing for more flexibility. Common examples of library files include those used in programming languages like C and Python.