The document discusses the buddy memory allocation technique, which divides memory into partitions to try to satisfy memory requests. It allocates memory in blocks that can be split in half to form "buddy" blocks of the same size that are stored adjacently, allowing the blocks to be merged later. The buddy system provides benefits like less external fragmentation and cheaper searches compared to best-fit allocation, but has disadvantages like internal fragmentation and unpredictable time to fragment and coalesce blocks.