Airolib-ng is a tool from the aircrack-ng suite that allows users to manage ESSID and password lists and compute pairwise master keys for WPA/WPA2 cracking utilizing a lightweight SQLite3 database. The document outlines getting started with creating a password list using crunch, preparing an ESSID list, and using airolib-ng for database management before executing aircrack-ng to crack WPA handshakes efficiently. It highlights the significant speed improvements in cracking compared to brute-forcing methods.