- Python uses reference counting and a cyclic garbage collector to manage memory and free objects that are no longer referenced. It allocates memory for objects in blocks and assigns them to size classes based on their size. - Objects in Python have a type and attributes. They are created via type constructors and can have specific attributes like __dict__, __slots__, and descriptors. - At the Python virtual machine level, code is represented as code objects that contain details like the bytecode, constants, and variable names. Code objects are compiled from Python source files.