A real-time operating system (RTOS) is defined as one where tasks must complete within prescribed deadlines, with failure resulting in serious consequences. There are two main types of RTOS: hard real-time, which cannot miss deadlines without disastrous effects, and soft real-time, which can miss deadlines occasionally without severe repercussions. Advantages of RTOS include efficient resource usage and low error rates, while disadvantages include limited multitasking and complex scheduling.