RxSwift is a library for reactive programming with Observables that provide asynchronous, event-based data streams. The document discusses key concepts of reactive programming like data flows, propagation of change, and functional reactive programming. It provides examples of using RxSwift to create Observables from various sources and applying operators like map, filter, and combineLatest. Validation of form fields is demonstrated by combining Observables of text changes and checking field values and formats.