ELK (Elasticsearch, Logstash, Kibana) is an open source toolset for centralized logging, where Logstash collects, parses, and filters logs, Elasticsearch stores and indexes logs for search, and Kibana visualizes logs. Logstash processes logs through an input, filter, output pipeline using plugins. It can interpret various log formats and event types. Elasticsearch allows real-time search and scaling through replication/sharding. Kibana provides browser-based dashboards and visualization of Elasticsearch query results.