The operational amplifier (op-amp) is an integrated circuit that can provide voltage gain and be used as a signal amplifier or comparator. It has high input resistance, virtually infinite voltage gain, and two inputs - inverting and non-inverting - and one output. Common op-amp configurations include the inverting amplifier, non-inverting amplifier, summing amplifier, and comparator. The op-amp is a versatile active component used in various circuit applications.