Oxidation- Oxidation is a process in which an atom gains oxygen or loses hydrogen is called oxidation. Also, in oxidation loss of an electron from an atom takes place.
If lithium loses one electron and forms lithium ion that means oxidation is taking place.
Reduction- Reduction is a process in which an atom gains hydrogen or loses oxygen. Also, in reduction gain of an electron from an atom takes place.
If oxygen gains two electrons and forms an oxide ion that means reduction is taking place.