Promises` are objects that have two important methods, `then()` and `catch()`. They provide a cleaner alternative to callbacks in asynchronous programming. With Promises, you can execute multiple asynchronous calls in parallel or series using `Promise.all()` and chain them together using the `then()` method. You can also use `catch()` to handle errors that occur during the execution of a Promise chain. To create a new Promise, you can wrap an existing function with a new function that returns a Promise created with the `new Promise()` constructor. This allows you to convert callback-based code into Promise-based code, making it easier to manage asynchronous operations in your JavaScript applications.