The overall stability constant is a numerical value that quantifies the stability of a metal-ligand complex in solution. It represents the tendency of a metal ion to remain bound to a ligand, and is often expressed as a log value, known as the log K value. This constant plays a significant role in understanding how different ligands affect the stability of complexes and highlights the chelate effect, where chelating agents form more stable complexes than non-chelating agents due to their ability to create multiple bonds with a metal ion.