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In this HTML5 tutorial video, the instructor explains text formatting using specific tags. The tutorial covers the bold tag (B), italic tag (I), and underline tag (U). To create bold text, the desired words are enclosed within the bold tag, showcasing how to write "standard markup language" in bold by opening and closing the B tag. After saving the file and refreshing the browser, the text appears in bold. For underlining text, the underline tag is utilized by enclosing the word with the U tag. The instructor demonstrates this by opening and closing the underline tag for the specified text, providing a clear example of basic HTML text formatting techniques.