Quantifiers are symbols or phrases used in formal logic to express the extent to which a predicate applies to a set of objects. They allow for the formulation of statements that can refer to all elements (universal quantifier) or at least one element (existential quantifier) within a domain, making them crucial for constructing logical expressions and proofs. Understanding quantifiers is essential for working with formal proofs, transforming statements into prenex form, and interpreting models of first-order theories.