React Native is an open-source mobile application framework created by Facebook that enables developers to use React with native platform capabilities. It allows developers to create applications for Android, iOS, Web, and UWP devices. The framework uses JavaScript and abstracts common user interface elements like views, text, buttons, animation, etc. to create native applications. To create a React Native app, one needs to set up a project using Expo, which is the fastest way to start developing an application. The app can be created with a simple coin-flipping example that sends an API request to the Coin Flip API when the user hits a button. The response from the API is then displayed in the app. React Native offers many benefits, including cost-effectiveness and ease of development, making it a popular choice for developers building mobile applications.