The Python Time Library provides various functions to work with time-related operations such as working timestamps, measuring time intervals, and manipulating time in various ways. It's part of the Python Standard Library and can be used without installing any additional modules. The library includes functions like `time()`, `ctime()`, `gmtime()`, `asctime()`, `mktime()`, `sleep()`, `strftime()`, and `strptime()` that allow developers to handle time-related operations such as displaying the current time, calculating the time difference between two dates, measuring the execution of code, and converting time tuples or structs to human-readable formats. The library is useful in various use cases including date and time calculations, data logging with timestamps, profiling and benchmarking code, and more.