The Python filter() function provides a concise way to filter elements from an iterable based on a specified condition, returning an iterator of the true elements. Its syntax involves passing a function and an iterable object. The function can be a lambda expression or a defined function. The function tests each element and returns true or false based on the specified condition. If the function argument is set to None, filter() returns truthy elements of the iterable. Using filter() provides a more readable and concise approach for filtering elements compared to list comprehensions or loops.