A linked list is a data structure made up of nodes that are connected to each other. Each node contains data and a link to the next node. Linked lists can grow and shrink dynamically as nodes are added or removed. There are several types of linked lists including single linked lists where navigation is forward only, doubly linked lists where navigation is bidirectional, and circular linked lists where the last node links back to the first node. Common operations on linked lists include appending nodes to add to the end, inserting nodes in a sorted manner, and deleting nodes by value. These operations involve allocating memory for new nodes, linking nodes together, and removing nodes by adjusting pointers.