AWS Elastic Beanstalk allows developers to quickly deploy and manage applications on AWS without worrying about infrastructure management. It automatically provisions and scales the necessary AWS resources (EC2 instances, load balancers, etc.) to run applications developed using supported languages/frameworks like Java, PHP, .NET, Python and Ruby. Elastic Beanstalk provides management features like easy deployment of application versions, built-in monitoring, log access, and automatic platform updates. It differs from AWS Lambda in that Lambda is for building serverless applications with microservices while Elastic Beanstalk is for full application deployment and management.