The document explains the concept of polymorphism in object-oriented programming, defining it as the ability for variables, functions, and objects to assume multiple forms. It outlines three main types of polymorphism: ad-hoc (function overloading), parametric (generic programming), and subtyping (method overriding), along with their respective implementations and examples. Additionally, it discusses casting in polymorphism, differentiating between upcasting and downcasting, and their implications during runtime.