The order of a reaction refers to the sum of the powers of the concentration terms in the rate equation. It represents the number of molecules or atoms involved in the rate determining step. The document discusses zero, first, second, and third order reactions, providing examples and equations for determining the rate constant and half-life for each order. Molecularity refers to the actual number of reactant species involved in the elementary reaction step and can only be 1, 2, or 3, whereas order is a measurable property determined from the rate equation.