Smart pointers help solve memory management issues like leaks by automatically freeing memory when an object goes out of scope. They support the RAII idiom where resource acquisition is tied to object lifetime. Common smart pointers include std::shared_ptr, std::unique_ptr, std::weak_ptr, which help avoid leaks from exceptions or cycles in object graphs. make_shared is preferable to separate allocation as it can allocate the object and control block together efficiently in one allocation.