Team Velocity in Agile is the measure of how much work a team can complete over a defined period of time. It is calculated by taking the total amount of work completed and dividing it by the amount of time it took to complete the task. Team velocity helps teams identify trends in their workflow, allowing for better planning and allocation of resources, as well as improved communication between members to ensure task completion is on track. By understanding team velocity, teams can become more agile in their approach to achieving success.