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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields used for creating forms. They note that this placeholder text appears as light gray to prompt users to fill in the fields, but it can be undesirable in some cases. The tutorial demonstrates the process using a form with plain text form fields. First, users need to enter design mode, then highlight the placeholder text along with the period. Next, right-click the selected text, choose the font option, and in the font effects, check the box labeled "hidden" to remove the placeholder text from view. Viewers are also encouraged to check out the playlist for more on creating fillable forms.