Crystal Field Theory (CFT) and Ligand Field Theory (LFT) are models used to explain the electronic structure of transition metal complexes. While CFT focuses on the electrostatic interactions between metal ions and ligands, treating the ligands as point charges, LFT takes a more comprehensive approach by considering both electrostatic and covalent interactions, thus providing a deeper understanding of bonding and magnetic properties in high-spin and low-spin complexes.