JIT stands for Just-in-Time which means that code gets compiled when it is needed, not before runtime.
This is beneficial because the compiler can generate code that is optimised for your particular machine. A static compiler, like your average C compiler, will compile all of the code on to executable code on the developer's machine. Hence the compiler will perform optimisations based on some assumptions. It can compile more slowly and do more optimisations because it is not slowing execution of the program for the user.