Odoo has two types of inheritance:

_Classical Inheritance: Extending a model by defining a new model that inherits the existing one.
_

class NewModel(models.Model):
    _inherit = 'existing.model'

    additional_field = fields.Char(string="Additional Field")

*Delegation Inheritance: Uses _inherits to share fields with a parent model.
*

class ParentModel(models.Model):
    _name = 'parent.model'
    name = fields.Char(string="Name")

class ChildModel(models.Model):
    _name = 'child.model'
    _inherits = {'parent.model': 'parent_id'}

    parent_id = fields.Many2one('parent.model', required=True, ondelete='cascade')
    child_field = fields.Char(string="Child Field")

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