In linear algebra (and its application to quantum mechanics), a raising or lowering operator (collectively known as ladder operators) is an operator that increases or decreases the eigenvalue of another operator. In quantum mechanics, the raising operator is sometimes called the creation operator, and the lowering operator the annihilation operator. Well-known applications of ladder operators in quantum mechanics are in the formalisms of the quantum harmonic oscillator and angular momentum.
There is some confusion regarding the relationship between the raising and lowering ladder operators and the creation and annihilation operators commonly used in quantum field theory. The creation operator ai† increments the number of particles in state i, while the corresponding annihilation operator ai decrements the number of particles in state i. This clearly satisfies the requirements of the above definition of a ladder operator: the incrementing or decrementing of the eigenvalue of another operator (in this case the particle number operator).
Confusion arises because the term ladder operator is typically used to describe an operator that acts to increment or decrement a quantum number describing the state of a system. To change the state of a particle with the creation/annihilation operators of QFT requires the use of both an annihilation operator to remove a particle from the initial state and a creation operator to add a particle to the final state.
The term "ladder operator" is also sometimes used in mathematics, in the context of the theory of Lie algebras and in particular the affine Lie algebras, to describe the su(2) subalgebras, from which the root system and the highest weight modules can be constructed by means of the ladder operators. In particular, the highest weight is annihilated by the raising operators; the rest of the positive root space is obtained by repeatedly applying the lowering operators (one set of ladder operators per subalgebra).