Operator overloading allows operators like + and - to have different implementations depending on the types of their operands. It allows user-defined types to be manipulated using the same syntax as built-in types. The document discusses various aspects of operator overloading like overloading unary, binary, and stream insertion/extraction operators. It also covers type conversions between basic and user-defined types using constructors and conversion functions. Restrictions on which operators can be overloaded and how different conversion scenarios are handled are explained.