A linked list is a data structure where each node contains a data field and a pointer to the next node. A linked list can be singly linked, where each node only points to the next node, or doubly linked where each node points to both the next and previous nodes. A circular linked list is a variation where the last node points back to the first node, allowing it to be traversed indefinitely. Common operations on linked lists include insertion and deletion of nodes at different positions through manipulation of the node pointers.