An operational amplifier (op-amp) is a high-gain amplifier with multiple stages that can amplify DC and AC signals, perform mathematical operations, and has various parameters like input/output offset voltage and slew rate. It operates with feedback mechanisms, which can be positive or negative, to stabilize gain and reduce distortion. Different types of amplifiers, including Class A, B, AB, and C, have distinct characteristics and efficiencies based on their conduction cycles.