Overloading allows methods within a class to have the same name but different signatures. The signature includes the name, number, and type of arguments but not the return type. Functions, procedures, constructors, and properties can be overloaded in VB.NET. Constructor overloading is a special case where constructors with the same name but different parameters are declared. Examples show overloading procedures to handle integer and string inputs differently and overloading constructors to accept integer and string parameters.