Regular expressions in Java allow for powerful text manipulation and extraction of parts of strings. A regular expression is a pattern that can match part or all of a string. In Java, a regular expression is compiled into a Pattern object, which is then used to create a Matcher object for a specific string. The Matcher provides methods to find matches and extract matched substrings. Mastering regular expressions requires learning a new "programming language" of punctuation symbols, but they are a useful tool for manipulating text.