AWS WAF is a web application firewall that protects against common web exploits and bots affecting availability, security, and resource consumption. It can be deployed on Amazon CloudFront and Application Load Balancer to safeguard applications in the cloud or on-premises. AWS WAF offers pre-configured Managed Rules for OWASP top 10 security risks and bot protection, with options to customize rules. It provides real-time traffic visibility through Amazon CloudWatch metrics and logging capabilities for security automation, analytics, and auditing. AWS Firewall Manager integration allows for easy deployment of protections across organizations.