Constructors and destructors are special member functions in C++. Constructors are used to initialize objects and are called automatically when an object is created. They have the same name as the class. Destructors are used to destroy objects and are called when an object is deleted or destroyed. They are identified by a tilde symbol preceding the class name and have no parameters. The key differences between constructors and destructors are that constructors allocate memory while destructors deallocate it, constructors can be overloaded while destructors cannot, and destructors require a tilde symbol for identification.