Carbon and oxygen burning refers to nuclear fusion processes that occur in the later stages of a massive star's life when it has exhausted hydrogen and helium in its core. During this phase, temperatures can reach up to 600 million Kelvin, allowing carbon to fuse into heavier elements like neon, magnesium, and sodium, while oxygen can undergo fusion to produce elements such as silicon and sulfur. This stage is crucial for the synthesis of elements that contribute to the chemical diversity in the universe.