The document discusses class initialization in object-oriented programming. It explains that class initialization is used to initialize class variables and instance variables when a class is loaded. The class initialization method, typically named "initialize", is automatically called by the system and can be used to set up default values for properties that are shared across all class instances. The document provides an example Date class that defines various class variables for storing things like month names and days in a month, and initializes these values in its Date class>>initialize method.