Polymorphism in VB.NET refers to the ability of a method, property, or object to take on multiple forms. This means that a single method or property can behave differently depending on the context in which it is used. Polymorphism allows for more flexible and reusable code, as different objects can be treated in a uniform manner even if they have different underlying implementations. This concept is a key feature of object-oriented programming and is achieved through techniques such as method overloading, method overriding, and interfaces.