Well, most notably, it’s a great way to get lean without going on a crazy diet or cutting your calories down to nothing. In fact, most of the time you'll try to keep your calories the same when you start intermittent fasting. (Most people eat bigger meals during a shorter time frame.) Additionally, intermittent fasting is a good way to keep muscle mass on while getting lean.
When you eat a meal, your body spends a few hours processing that food, burning what it can from what you just consumed. Because it has all of this readily-available, easy to burn energy (thanks to the food you ate), your body will choose to use that as energy rather than the fat you have stored. This is especially true if you just consumed carbohydrates/sugar, as your body prefers to burn sugar as energy before any other source.