RZ rotates a qubit around the z-axis by angle $\theta$.
Matrix:
$$R_Z(\theta) = \begin{pmatrix} e^{-i\theta/2} & 0 \\ 0 & e^{i\theta/2} \end{pmatrix}$$
Action: $R_Z(\theta)|\psi\rangle$ rotates $|\psi\rangle$ by $\theta$ radians around z-axis on Bloch sphere, or equivalently, applies phase factors.
Special cases: