Similar matrices A and B share the same eigenvalues, which can be demonstrated by showing that they have the same characteristic polynomial. The characteristic polynomial is defined as det(A - λI) = 0, and it can be shown that det(B - λI) also equals this expression when A and B are related by an invertible matrix P. While similar matrices can have the same eigenvalues, they do not necessarily have the same eigenvectors. An example provided illustrates that two similar matrices can have different eigenvectors despite sharing the same eigenvalues. The discussion emphasizes the importance of understanding the relationship between similarity, eigenvalues, and eigenvectors in linear algebra.