The FusionAuth Setup Wizard is a step-by-step process designed to simplify the setup of FusionAuth, allowing developers to quickly prepare their application for integration. The basic steps include creating an initial admin user, adding an application, and configuring an API key. Once these are complete, users can call the API and start managing users. The wizard provides detailed instructions and prompts users to accept the license agreement and configure SMTP server settings. After completing the setup process, users can access their FusionAuth instance and begin integrating it with their application.