A Python Wheel is a packaging format designed to distribute Python projects, making it easier to install and manage them, especially in binary form. The Wheel format, which uses the `.whl` file extension, is a standardized method for ensuring easy installation of Python packages across diverse environments. It serves as an alternative to the source distribution format, offering quicker installation since it often doesn't require building or compiling code. Python Wheels can be installed using package management tools like `pip`, streamlining the deployment process and improving dependency management.