Constructors are special member functions used to initialize objects. There are three types of constructors: 1) default constructors which have no arguments, 2) parameterized constructors which can take arguments to initialize objects, and 3) copy constructors which initialize an object from another existing object. Constructors are automatically called when objects are created, take the class name, and cannot return values or be defined as private. They play an important role in initializing class objects.