Molecular orbital theory is an advanced quantum mechanical model explaining bonding in molecules using atomic orbitals and the Heisenberg uncertainty principle. It describes the formation of bonding and antibonding molecular orbitals through constructive and destructive interference of wave functions, determining electron probability density and bond order. Key concepts include the filling order of orbitals, Pauli exclusion principle, and Hund's rule, alongside examples of molecular configurations for various diatomic molecules.