An operating system manages key computer components and functions, allowing other programs and applications to run. It controls the central processing unit, manages memory and storage, facilitates input/output to devices, and provides user interfaces. Common operating systems are found on personal computers, phones, servers, and more. They allocate processing time and memory resources to different programs, utilize virtual memory, include file management systems to organize storage, include drivers to communicate with hardware, and provide both command line and graphical user interfaces.