If an article is peer reviewed, it was reviewed by scholars who are experts in related academic or professional fields before it was published. Those scholars assessed the quality of the article's research, as well as its overall contribution to the literature in their field.
When we talk about peer-reviewed journals, we're referring to journals that use a peer-review process.
Related terms you might hear include:
National University Library System. (2018). "Find Articles: How to Find Scholarly/Peer-Reviewed Articles". Retrieved from: http://nu.libguides.com/articles/PR.
Even if an article was published in a peer-reviewed journal, it may not necessarily be peer-reviewed itself. For example, a commentary article may undergo editorial review instead, meaning it was only reviewed by the journal editor.
There are some clues you can look for to help you identify if an article is peer-reviewed:
If an article published in a verified peer-reviewed journal includes these elements, it is most likely a peer-reviewed article.
In many scholarly databases, there is an option to limit results to only those that are peer-reviewed. See this example from the Advanced Search page of an EBSCOhost database.