The Trigger and Data Acquisition system (TDAQ) of the ATLAS experiment at the CERN Large Hadron Collider is based on a multi-level selection process and a hierarchical acquisition tree. The system, consisting of a combination of custom electronics and commercial products from the computing and telecommunication industry, is required to provide an online selection power of 105 and a total throughput in the range of Terabit/sec. This paper introduces the basic system requirements and concepts, describes the architecture of the system, discusses the basic measurements supporting the validity of the design and reports on the actual status of construction and installation.