Parenting objects is way you can temporarily associate objects with other objects, so for example, if you translate the parent object, the child-objects follow.
To parent an object
These changes are reflected in the Outliner, where the child-objects are seen when you expand the parent object.
You can set different options for Parenting, such as setting the Parent Method, in the Parent options.
To unparent an object
These changes are reflected in the Outliner, where the child-objects are seen when you expand the parent object.
You can set different options for Parenting, such as setting the Unparent Method, in the Unparent options.