Inheritance and polymorphism are key concepts in object-oriented programming that allow for code reuse. Inheritance allows a subclass to inherit attributes and behaviors from a superclass, while also adding its own attributes and behaviors. Polymorphism allows subclasses to override or modify inherited behaviors from the superclass. This allows subclasses to be treated as their superclass type while still maintaining their specific behaviors. The document discusses inheritance in Java including inheriting classes, the super reference, overriding and final methods/classes, abstract classes, and interfaces. It also covers polymorphism, access modifiers, and packages in Java.