Display modes are one of the core functionalities of Drupal 8. They are easy to create and provides great flexibility in terms of theming at entity viewing and editing level.
Display modes are available for content, comment, contact messages, custom blocks, taxonomy terms, users. They are also available to views adding more power to views.
Display modes are located at
Two types of display modes are available: "view modes" and "form modes."
in this video I will show you how to use it in views and in theming reference term field.