Inheritance allows a subclass to derive properties and behaviors from a superclass, creating a hierarchical relationship. Polymorphism lets code written for the superclass type work with subclass objects too. Together they enable flexibility: you define general behavior once in the superclass and let each subclass provide its own specific implementation, while using the same interface. For instance, you might have a base class `Vehicle` with a method `drive()`, and subclasses `Car`, `Bike`, `Truck` override `drive()` differently. With polymorphism you can write `Vehicle v = new Car(); v.drive();` and the correct method executes depending on the actual object type. This combination supports code reuse, extension and maintainability.