The IC 74573 is an octal D-type latch with 3-state outputs, part of the 7400 series TTL logic family. It contains eight independent latches, each with a data input (D), a clock input (CLK), and a control for enabling or disabling the output (OE). This IC is used for data storage, buffering, and temporary data holding in digital systems, providing flexibility in managing and controlling multiple data lines.