Constructors are special member functions that are used to initialize objects. There are three main types of constructors: default constructors that take no arguments, parameterized constructors that allow passing arguments, and copy constructors that are used to initialize one object from another of the same type. Destructors are special member functions that are automatically called to destroy objects when they go out of scope or the program terminates. Constructors and destructors are important concepts in object-oriented programming with C++.