IP and MAC addressing are identification systems used on networks. IP addresses are numerical identifiers for devices on an IP network. They come in two versions, IPv4 with 32-bit addresses and IPv6 with 128-bit addresses. IP addresses are divided into classes A-E based on network size and address range. MAC addresses are unique hardware identifiers for network interfaces. Unlike IP addresses, MAC addresses cannot be changed and are made up of six pairs of hexadecimal numbers. Both IP and MAC addresses are essential for identifying and communicating with devices on a network.