The Recycle Bin is a temporary storage area on a computer where deleted files and folders are kept. When a user deletes an item, it is not permanently removed but instead moved to the Recycle Bin, allowing for easy recovery if needed. The contents can include documents, images, videos, and other file types. Users can view the contents of the Recycle Bin by opening it, where they can restore items back to their original location or permanently delete them. Emptying the Recycle Bin frees up disk space by permanently removing these files from the computer.