The definition of overrated is something that doesn't live up to its reputation or the hype surrounding it. An example of something that would be described as overrated is a restaurant that everyone says is delicious but which really is just OK.

What does it mean when things are overrated?

If something or someone is overrated, that person or thing is considered to be better or more important than they really are: In my opinion, she's a hugely overrated singer.

What makes something underrated?

Filters. The definition of underrated is something that has not received the merit, recognition or praise it deserves. A movie that is really very good but that no one really pays attention to or praises is an example of an underrated movie.