A real-time operating system (RTOS) is an operating system designed for embedded systems where responses need to occur within strict time constraints. An RTOS prioritizes tasks and responds immediately to inputs. There are two types - hard RTOS which must meet deadlines to avoid catastrophic failure, and soft RTOS where occasionally missing deadlines does not cause failure. An RTOS manages tasks, schedules tasks and system resources, and handles interrupts to ensure time-critical applications perform as required.