The One who brings everything from non-existence to existence.
Al Khaaliq (in Arabic: ٱلْخَالِقُ) He is the one who creates things from nothing with no precedents. He creates what He pleases and in a perfect manner. He is the only one who determines when, how, and what to create and does so from nothing.
Root kh-l-q which has the following classical Arabic connotations: to measure accurately, to determine the proper measure or proportion for something, to proportion one thing according to another, to create something based on a pattern or model which one has devised, to bring a thing into existence from non-existence.
The name al-Khaliq is mentioned in the Qur'an 11 times. The three names of Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ, al-Khaliq (the creator), al-Bari (the producer), and al-Musawwir (the fashioner) may seem confusing for a modern Arabic speaker. These names may seem synonymous with Allah's ability to invent or create. But they represent an order to His creation. First, you have al-Khaliq, the creator. He who produces something from nothing, He plans and creates. Secondly, He is al-Bari, the producer. He is the one who initiates and brings into existence. Lastly, He is al-Musawwir, the fashioner. He organizes and shapes the arrangement of the creation.
What's amazing is these names are followed in this exact sequence based on their meaning in Surah Hashr verse 24:
Huwal Laahul Khaaliqul Baari ‘ul Musawwir; lahul Asmaaa’ul Husnaa; yusabbihu lahoo maa fis samaawaati wal ardi wa Huwal ‘Azeezul Hakeem
"He is Allah, the Creator, the Inventor, the Fashioner; to Him belong the best names. Whatever is in the heavens and earth is exalting Him. And He is the Exalted in Might, the Wise."
Imam al-Ghazali compares these three names to the process of constructing a house. You have the planner, the builder, and the designer who gives it its final shape. Similarly, Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ takes on the three roles - The creator, producer, and the fashioner. However, the difference is we are not really inventing, only Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ creates, and He does so on a scale that is unimaginable. He also creates from nothingness, whereas we merely find ways to transform material from one form to another.
Other instances of al-Khaliq in the Qur'an include Surah al-Mu'minun ayah 14 where the word Khaliq is mentioned twice and as a name of Allah once:
Summa khalaqnan nutfata ‘alaqatan fakhalaqnal ‘alaqata mudghatan fakhalaq nal mudghata ‘izaaman fakasawnal ‘izaama lahman summa anshaanaahu khalqan aakhar; fatabaarakal laahu ahsanul khaaliqeen
"Then We made the sperm-drop into a clinging clot, and We made the clot into a lump [of flesh], and We made [from] the lump, bones, and We covered the bones with flesh; then We developed him into another creation. So blessed is Allah, the best of creators."
Note, in this verse it refers to Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ as ahsan al khaliqeen, meaning "the best of creators". It's also mentioned another time in Surah as-Saffat ayat 125.
Note how, in the following ayah, it pairs these two attributes of His, i.e., He is al-Khaliq, and al-Alim (the knower). It signifies his ability to create in abundance and in accordance with His master plan. He creates perpetually and with a purpose. "Did you imagine that We created you without any purpose, and that you will not be brought back to Us?" (Qur'an 23:115)
Inna Rabbaka Huwal khallaaqul ‘aleem
"For verily it is thy Lord who is the Master-Creator, knowing all things." (Qur'an 15:86)
The benefit of knowing al-Khaliq is to take a second to reflect on all of Allah's creations. How can a person be created from a small drop of fluid and have it manifest into 30 trillion cells that all work in unison, giving us life? If you gaze at the night sky, look at each tiny speck of light, each one of those is a giant star existing far away in some galaxy Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ has created. Yet here we are on this relatively small rock, floating through space, and it's the only one we know that is habitable. All the beauty in the world, and you get to experience it; Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ has allowed us to play a part in it. How can you not feel humble and appreciative of this very moment?