The Moment, also known as the Galaxy Eater, was the most powerful weapon in the universe, which the Doctor aimed to use to end the Last Great Time War. It was capable of destroying both Gallifrey and the Daleks in a single instant. In addition, the Moment could open rifts in time that would allow people and objects to pass from one time period to another. This extended to events that were time locked. (TV: The Day of the Doctor)
In one account, the General stated the Moment was the final creation of the Ancients of Gallifrey. The Moment had an operating system so sophisticated that it became sentient. This account showed the War Doctor expressing unfamiliarity with the Moment's controls and operating system. (TV: The Day of the Doctor) According to the Tenth Doctor, however, the Eighth Doctor created the Moment from a modified Key of Rassilon and De-mat Gun during the Time War. (COMIC: The Forgotten, Don't Step on the Grass)
Until the Doctor stole it, it was locked away along with other forbidden weapons in the Time Vaults. (TV: The End of Time, TV: The Day of the Doctor)
Initially, it was believed that the Doctor had used it to end the war, time-locking it in the process. (COMIC: Don't Step on the Grass) Supposedly, when the Doctor used the Moment, he destroyed Gallifrey, the Daleks, and the Time Lords. (COMIC: Sky Jacks) Thus, this was why the Ninth Doctor later stated that all the combatants of the Time War had burned and were "wiped out in one second". (TV: Dalek)
However, these memories were not entirely accurate. In reality, the Moment appeared to the War Doctor in the form of a face from his future, and gave him an opportunity to change the outcome of the Time War, by involving two of his future selves, the Tenth Doctor and the Eleventh Doctor. Together, with help from their previous incarnations and the Twelfth Doctor, they were able to devise a way to freeze Gallifrey in time, while allowing the Daleks to destroy themselves in the crossfire. Thus, Gallifrey and the Daleks still vanished, and history was preserved, but the Doctor was ultimately able to prevent the genocide of his own people. The War Doctor and his future iterations retained those incorrect memories, until the timeline caught up with the Eleventh Doctor. (TV: The Day of the Doctor)
It is not known whether the Moment acted to eliminate other elements of the Time War not present at Gallifrey at that time, such as the Nightmare Child, the Could've Been King, the Horde of Travesties, or the Daleks and Time Lords supporting their respective war efforts from elsewhere in time and space.