The rib “eye” is a part of the rib section that doesn’t get much exercise, which leaves the meat very tender. Steaks from the rib-eye are usually generous, hearty ones with good marbling which makes them very juicy.
The definition of a “rib-eye steak” generally also supposes that the steak is boneless, though occasionally you will see them being sold with bone-in and still being called rib-eye (with the bone in, they should more properly be called “rib steaks.”)
Rib-eyes should be cut thin for pan-frying, thicker for barbequing.
Very tender. Cook quickly on high heat.
Sometimes confusingly called a “Beauty Steak”, which is also a synonym for boneless chuck eye steak.