The Python Standard Library is a collection of modules and packages included with the Python programming language. It provides a wide range of functionalities, such as file I/O, system calls, and data manipulation, allowing developers to perform common tasks without needing to install additional libraries. This library is designed to be easy to use and helps streamline the development process. It includes modules for various purposes, including math for mathematical operations, datetime for date and time manipulation, and json for working with JSON data, making it a valuable resource for Python programmers.