Percocet is a prescription medication that contains a combination of two drugs: acetaminophen and oxycodone. It is classified as an opioid pain reliever and is used to manage moderate to severe pain. Oxycodone is a narcotic opioid that works by binding to receptors in the brain and spinal cord to reduce pain, while acetaminophen is a non-opioid pain reliever that increases the pain-relieving effects of oxycodone.