Prefixes and suffixes can be added to root words to modify or change their meaning. A prefix is added to the beginning of a word while a suffix is added to the end. Common prefixes like "un-", "in-", and "dis-" are used to give words negative or opposite meanings. Suffixes like "-ness", "-ful", and "-ly" can be used to change a word's part of speech, such as making an adjective into a noun or adverb. The document provides examples of how prefixes and suffixes modify root words and their meanings.