Hypersensitivity is an exaggerated immune response harmful to the host, occurring typically after re-exposure to a specific antigen. It includes four types: immediate (Type I), antibody-mediated (Type II), immune complex-mediated (Type III), and T cell-mediated (Type IV), each with distinct mechanisms and clinical manifestations. Conditions can range from allergies and autoimmune diseases to tissue damage due to immune complex deposition.