Polymorphism

Polymorphism enables one common interface for many implementations, and for objects to act differently under different circumstances.
C++ supports several kinds of static (compile-time) and dynamic (run-time) polymorphisms. Compile-time polymorphism does not allow for certain run-time decisions, while run-time polymorphism typically incurs a performance penalty.

Static polymorphism
Function overloading allows programs to declare multiple functions having the same name (but with different arguments). The functions are distinguished by the number and/or types of their formal parameters. Thus, the same function name can refer to different functions depending on the context in which it is used. The type returned by the function is not used to distinguish overloaded functions.
When declaring a function, a programmer can specify default arguments for one or more parameters. Doing so allows the parameters with defaults to optionally be omitted when the function is called, in which case the default arguments will be used. When a function is called with fewer arguments than there are declared parameters, explicit arguments are matched to parameters in left-to-right order, with any unmatched parameters at the end of the parameter list being assigned their default arguments. In many cases, specifying default arguments in a single function declaration is preferable to providing overloaded function definitions with different numbers of parameters.
Templates in C++ provide a sophisticated mechanism for writing generic, polymorphic code. In particular, through the Curiously Recurring Template Pattern it's possible to implement a form of static polymorphism that closely mimics the syntax for overriding virtual functions. Since C++ templates are type-aware and Turing-complete they can also be used to let the compiler resolve recursive conditionals and generate substantial programs through template metaprogramming.

Dynamic polymorphism
Inheritance
Variable pointers (and references) to a base class type in C++ can refer to objects of any derived classes of that type in addition to objects exactly matching the variable type. This allows arrays and other kinds of containers to hold pointers to objects of differing types. Because assignment of values to variables usually occurs at run-time, this is necessarily a run-time phenomenon.
C++ also provides a dynamic_cast operator, which allows the program to safely attempt conversion of an object into an object of a more specific object type (as opposed to conversion to a more general type, which is always allowed). This feature relies on run-time type information (RTTI). Objects known to be of a certain specific type can also be cast to that type with static_cast, a purely compile-time construct which is faster and does not require RTTI.