Well, a water change is exactly what it says, changing some of the water in your fish tank.
Keeping fish in a tank is a huge compromise to what it would be like in their natural environment. In the rivers, seas toxins like ammonia, nitrite and nitrate don't affect fish because of the amount of water there is. (ammonia being produced from fish waste, nitrite a byproduct of ammonia, both are very toxic) If your filtration is working properly, you shouldn't have ammonia or nitrite present . However, after the bacteria in your filtration has dealt with ammonia and nitrite, you then have something called nitrate which is left over. This isn't as toxic but it still has to be kept under control. The easiest way to do this is to do a water change. The smaller the aquarium, the quicker the water will become polluted. It is recommended that you do one water change a week. If you are keeping your fish in the correct sized aquarium, a 20% water change is adequate. If you are overstocked, or have a small aquarium, you might have to carry out a larger one.
So to reiterate, once a week, siphon some water out of your tank and replace it with fresh water, remembering to use a water condition to remove additives such as chlorine that is added to tap water. It really is as simple as that