What it is
A Kähler metric is Kähler–Einstein if its Ricci form is a constant multiple of its Kähler form. Since the Ricci form represents 2πc1(M), the sign of λ is fixed by the first Chern class. When c1<0, Aubin and Yau proved existence and uniqueness; when c1=0, Yau did (see Ricci-flat and Calabi–Yau). When c1>0, on Fano manifolds, a metric need not exist: the Matsushima and Futaki obstructions come from holomorphic vector fields, and Tian (1997) found Fano manifolds with no holomorphic vector fields and no Kähler–Einstein metric.
Tian introduced K-stability in that paper, and Donaldson gave it its algebraic form through test configurations. The Yau–Tian–Donaldson conjecture predicted that a Fano manifold has a Kähler–Einstein metric exactly when it is K-polystable. Chen, Donaldson and Sun proved it, and Tian gave an independent proof; Berman had shown that existence implies K-polystability. Datar and Székelyhidi proved it again by the continuity method, and Chen, Sun and Wang by the Kähler–Ricci flow.
For general polarizations the analogue concerns constant scalar curvature Kähler (cscK) metrics. Chen and Cheng proved a priori estimates and that existence is equivalent to properness of the Mabuchi K-energy. The Calabi flow, a fourth-order flow of Kähler potentials, is expected to converge to cscK or extremal metrics and to reflect K-stability when it does not.
Why it matters
This is where Ricci flow and algebraic geometry meet most precisely. On a Fano manifold the normalized Kähler–Ricci flow always exists for all time. Whether it converges to a Kähler–Einstein metric, to a Kähler–Ricci soliton, or degenerates to a singular limit is decided by K-stability, which is the Hamilton–Tian conjecture made precise. The analytic tools, Perelman's estimates for the Kähler–Ricci flow, Cheeger–Colding theory and partial C0 estimates, have become standard across geometric analysis.
Where it stands
Algebraic criteria such as valuative criteria and the δ-invariant now make K-stability checkable for many Fano varieties, and K-moduli spaces have been constructed. Analytic work continues on singular Kähler–Einstein metrics, the cscK and extremal versions of the Yau–Tian–Donaldson conjecture, and the long-time behaviour of the Calabi flow. See also Kähler–Ricci solitons and Kähler geometry.