Chrome DevTools provide tools for debugging, profiling, and optimizing web page performance. They allow developers to visualize the rendering process, debug issues, and find opportunities to reduce layout reflows and repaints. Key features include the timeline panel to show paint rectangles and composited layer borders, heap snapshots to analyze memory usage, and memory profiling to detect leaks and optimize memory management. Using DevTools, developers can diagnose performance bottlenecks and ensure smooth interactions at 60 frames per second.