The functools module in Python's Standard Library offers a range of powerful tools for enhancing function and decorator usage, making code more efficient and maintainable. Key features include the @cache decorator for optimizing repeated computations by caching results, @total_ordering for simplifying class comparison methods, partial() and partialmethod() for setting default arguments in functions and methods, and @singledispatch for handling function behavior based on argument types. Additionally, functools.wraps() helps preserve metadata when writing decorators, and reduce() allows for cumulative data transformation. These utilities not only streamline code and improve performance but also promote a more Pythonic coding style, providing developers with versatile solutions for common programming tasks.