Memory management is the process of managing computer memory, allocating memory to variables when needed and freeing memory when variables are no longer used. There are two types of memory allocation: static and dynamic. Static allocation allocates memory space at compile time while dynamic allocation allocates memory at runtime. Dynamic allocation uses functions like malloc(), calloc(), realloc(), and free() to manually allocate and free memory as needed during program execution. Malloc() allocates a block of uninitialized memory, calloc() allocates and initializes memory for arrays, realloc() changes the size of previously allocated memory, and free() releases used memory space back to the system.