Constructor and Destructor in C++ are special member functions that are automatically called by the compiler. Constructors initialize a newly created object and are called when the object is created. Destructors destroy objects and release memory and are called when the object goes out of scope. There are different types of constructors like default, parameterized, and copy constructors that allow initializing objects in different ways. Destructors do not have arguments or return values and are declared with a tilde symbol preceding the class name.