Trunk-based development is a version control branch management method that aims to reduce complexity and user error by eliminating long-lived feature branches in favor of developers merging their code into a single "trunk" branch. This approach helps teams avoid merge conflicts, increase deployment speed, and improve overall productivity. Key benefits include short-lived branches, fewer merge conflicts, quicker releases through continuous integration and delivery (CI/CD), and the need for an extensive automated testing scheme and feature flags to manage incomplete features.