Constructors and destructors are special member functions in C++ that are used to initialize objects and perform cleanup operations. There are different types of constructors - default, parameterized, and copy constructors. Constructors are called automatically when an object is created, while destructors are called when an object is destroyed or goes out of scope. Constructors initialize objects, while destructors perform cleanup tasks like deallocating memory. Overloading of constructors allows defining multiple constructors that differ in parameters.