Serialization is the process of converting an object into a stream of bytes. Deserialization is the opposite process of creating an object from a stream of bytes. Serialization/Deserialization is mostly used to transport objects (e.g. during remoting), or to persist objects (e.g. to a file or database).

There are two separate mechanisms provided by the .NET class library - XmlSerializer and SoapFormatter/BinaryFormatter. Microsoft uses XmlSerializer for Web Services, and uses SoapFormatter/BinaryFormatter for remoting. Both are available for use in your own code.