EEVEE is a GPU based realtime engine for the viewport implemented for Blender version 2.8, using industry standard PBR (physically based rendering).

The EEVEE engine will be a PBR realtime engine for Blender 2.8 viewport aimed at replacing the Blender internal render engine.

From the Eevee Roadmap:

Eevee will follow the (game) industry PBR (physically based rendering) trend, supporting high-end graphics coupled with a responsive real time viewport.

Some of the main features:

  • Support for all realistic Blender light types

  • Soft shadows

  • PBR materials with Ubershaders similar to those used in game engines

  • Image based lighting

  • Glossy rough shaders

  • Diffuse approximation

  • Post process effects, like motion blur, bloom, tone map, depth of field, and ground truth ambient occlusion

  • Probe objects

  • Environmental map arrays

More information is on EEVEE (Blender wiki).