CSS clip-path is a property used for morphing animations by cutting out shapes from images. It provides four built-in shapes: circle, ellipse, inset, and polygon. The CSS clip-path method is supported by every browser in the market, making it suitable for cross-browser compatibility testing. To use CSS clip-path, you need to provide a trigger that will initiate the animation from one image to another. The property allows for faster rendering and easier implementation compared to SVG-based morphing animations. It can be used to create morphing animations with shapes and floating divs in website designing strategies.