A stack is a linear data structure that follows the LIFO (last in, first out) principle. Elements can only be inserted or removed from one end, called the top. Common stack operations include push, which adds an element, and pop, which removes the top element. Stacks have applications in expression evaluation, parenthesis matching, and undo operations. A queue follows the FIFO (first in, first out) principle, with elements being inserted at the rear and removed from the front. Common queue operations are enqueue and dequeue. Queues are used in scheduling, printing, and resource allocation.