Java is a programming language that uses compilers to translate instructions given by users into something a CPU can understand and execute. It is important in technology because many applications and websites require Java to operate, and it can be used across major operating systems. A Java program consists of classes, methods, variables, loops, and objects, and can perform tasks like calculations, game commands, data organization, and message encoding. Learning Java helps develop problem solving skills and provides appreciation for the work that goes into software development.