Peer review is the rigorous process through which the validity and quality of a scholarly article are determined before publication in scientific, academic, or professional journals.
Peer review maintains the integrity of scientific research by stopping the publication of invalid or poor quality work. Scholarly sources go through the peer review process and popular sources do not, but that is not the only difference between popular and scholarly sources.
The peer-review process is also sometimes called "refereeing," so a peer-reviewed journal might also be called a "refereed journal."
CAUTION: Not every article in a peer-reviewed journal is peer-reviewed. Scholarly journals also contain articles like book reviews, opinion pieces, introductory articles, editorials, etc. that have not gone through the peer-review process. If you must use scholarly, peer-reviewed sources for a project or paper, you need to look at the article yourself to determine if it is one of the peer-reviewed, scholarly articles published in the journal or not.
Watch the videos below, created by the librarians at North Carolina State University, for an overview of the peer-review process and how scholarly articles make their way from researcher to publication to library.