Property binding allows binding a property in the component class to an element property in the template. This creates a one-way binding from the class to the view. Examples shown include binding a property to an image src, text color, and CSS class. Event binding allows binding to events in the template to call methods in the class, creating a one-way binding from view to class. Two-way binding is shown using a method to update the class property on input events as well as using ngModel for simpler two-way binding between an input and class property.