Java, developed by James Gosling in 1995 and now owned by Oracle, is a high-level, robust, and secure programming language used for various applications including desktop, web, and enterprise systems. Its key features include simplicity, platform independence, object-oriented programming, multithreading, robustness, and dynamic loading, making it versatile and efficient. Java's architecture also allows for distributed applications and utilizes a combination of compilation and interpretation to achieve high performance.