From H2616, this is one of the most important words in the Old Testament. It describes a covenant love and loyalty that is steadfast and unwavering. It's not just an emotion, but an action. It's a love that is both promised and demonstrated. It is often translated as "lovingkindness," "mercy," or "steadfast love."
Chesed is a core attribute of God. It is His covenant faithfulness to His people, even when they are unfaithful. The entire story of the Old Testament can be seen as a demonstration of God's chesed towards Israel. It is a love that is not based on the worthiness of the recipient, but on the character of the giver. This concept is foundational to understanding the grace (charis) of God in the New Testament.