The myblog project is a web application developed using Django, a high-level Python web framework. It features a modular structure with distinct directories for applications (app), media files (media), static assets (static and staticfiles), and templates (templates). The project utilizes a SQLite database (db.sqlite3) for data storage and includes deployment configurations such as a Procfile and runtime.txt, indicating compatibility with platforms like Heroku. Essential project management files like .gitignore, manage.py, and requirements.txt are also present, ensuring a streamlined development and deployment process.