A constructor function initializes and creates objects of a class. It has the same name as the class and does not have a return type. A destructor is used to destroy objects and also has the same name as the class with a negation sign. It does not have a return type or arguments. Constructors and destructors can be called explicitly. A static object is initialized once and lives until the program terminates, whereas a regular object is initialized each time it is created. A parameterized constructor allows objects to be initialized with different values by passing arguments to the constructor.