The document explains the many2one field in Odoo 16, which establishes a relationship between two models where one can have multiple records linked to a single record in another model. It provides an example of creating a many2one field named partner_id to connect the tip.trick model with the res.partner model, allowing user selection of a customer from res.partner when editing a sale order. Additional attributes like required, ondelete, and domain can be used to enhance the functionality of the many2one field.