Hello, 4th year medical student here. Vasoconstriction and vasodilation are important responses that our blood vessels undergo in various conditions. Vasoconstriction is a tightening of the blood vessels where the muscles around our vessels contract, and squeeze our blood vessels so that they become more narrow and less blood flows through. This may be important if you are suddenly put in a very cold environment and need to retain heat for your core vital organs (heart, intestines, etc).
On the other hand, vasodilation is the opposite. It is characterized by relaxation of the muscles around the blood vessels such that the blood vessels open, increase in diameter, and tend to allow more blood flow. This can become important if you are in hot temperatures and need to sweat to cool off; our blood vessels vasodilate, get more fluid to our sweat glands, which in turn cools our body.
There are a host of other medical scenarios where vasoconstriction and vasodilation may become important and serve as life-sustaining physiological responses to various stressors or conditions. Please let me know if you have any further questions about this subject