Constructors and destructors play an important role in object-oriented programming. Constructors are special member functions that are called when objects are created. There are different types of constructors including parameterized, default, copy, conversion, and move constructors. Destructors are the inverse of constructors and are called when objects are destroyed. Destructors follow the same name convention as the class but with a tilde. Constructors and destructors are useful in real-time applications such as real-time locating systems and data transmission where they help properly allocate and release resources during an object's lifetime.