Three.js is a powerful JavaScript library for creating 3D graphics in a web browser using WebGL. It allows placing 3D objects into a scene, defining a camera to view the scene, adding lighting, and rendering the 3D graphics. The basics of three.js include setting up a scene, camera, lights, geometry for 3D objects, materials, and a renderer. Examples are provided of what can be created with three.js like animated 3D graphics and a preview of a simple rolling ball demo.