Understand the definitions of oxidation and reduction in terms of electron transfer: Oxidation involves the loss of electrons, while reduction involves the gain of electrons.
Recognize that electrons are the key particles involved in redox reactions, not protons or neutrons.
Recall that when a substance is oxidized, it loses electrons, which increases its oxidation state.
Recall that when a substance is reduced, it gains electrons, which decreases its oxidation state.
Conclude that the correct description is: Oxidized substances lose electrons, and reduced substances gain electrons.