The document explains polymorphism in C++, defining it as the ability of a message to be represented in multiple forms, primarily focusing on compile-time and runtime polymorphism. Compile-time polymorphism is achieved through function and operator overloading, while runtime polymorphism utilizes virtual functions and function overriding. Key concepts include the use of virtual pointers and tables to manage function calls, and the conditions under which virtual functions operate in base and derived classes.