Team Foundation Version Control (TFVC) is a centralized version control system that helps teams manage changes to their code and other files. It allows multiple users to work on the same project simultaneously while keeping track of all modifications. TFVC stores a single version of each file, making it easy to revert to previous versions if needed. With TFVC, users can check in and check out files, ensuring that changes are properly recorded and organized. It integrates seamlessly with other tools in the Azure DevOps suite, providing a comprehensive solution for software development and project management.