Großeltern
grandparents
The parents of one's own mother or father.
Meine Großeltern leben auf dem Land.
My grandparents live in the countryside.

grandparents
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grandparents
The parents of one's own mother or father.
Meine Großeltern leben auf dem Land.
My grandparents live in the countryside.

The word is made up of 'groß' (great/grand) and 'Eltern' (parents). The prefix 'Groß-' in German often refers to the parents' generation, as also in 'Großmutter' (grandmother) and 'Großvater' (grandfather).
Meine Großmutter ist die Mutter meines Vaters.
My grandmother is my father's mother.
'Großeltern' (grandparents) is a plural word (pluraletantum), meaning it is almost always used in the plural. If you mean only one person, you say 'Großmutter' (grandmother), 'Großvater' (grandfather), or 'ein Großelternteil' (a grandparent).
Meine Großeltern kommen am Sonntag zu Besuch.
My grandparents are coming to visit on Sunday.
Common phrases are 'seine Großeltern besuchen' (to visit one's grandparents), 'bei den Großeltern aufwachsen' (to grow up with one's grandparents), or 'von den Großeltern verwöhnt werden' (to be spoiled by one's grandparents).
In den Ferien habe ich oft meine Großeltern auf dem Land besucht.
During the holidays, I often visited my grandparents in the countryside.
To specify whether they are the parents of the father or the mother, the additions 'väterlicherseits' (on the father's side) or 'mütterlicherseits' (on the mother's side) are used.
Meine Großeltern väterlicherseits wohnten in Hamburg.
My grandparents on my father's side lived in Hamburg.
grandma
'die Oma' and 'die Großeltern' both belong to the family and refer to people from the generation above the parents. But 'die Oma' is only the grandmother, that is, one female person. 'die Großeltern' usually means both grandparents together, or generally the grandmother and the grandfather. Learners may confuse the words because both are very close in the family context. If you are talking about a grandmother, you say 'Oma'. If you are talking about both grandparents or generally about this family generation, you say 'Großeltern'.

Am Wochenende besuchen wir unsere Großeltern auf dem Land.
At the weekend, we are visiting our grandparents in the countryside.
Heute hat meine Oma einen Kuchen für uns gebacken.
Today my grandma baked a cake for us.