It is basically any tank where water is continuously pumped into it, and flows out again into a sump or some other kind of external filter, (or whatever really). Some have holes drilled in the side or back with pipes connected, others have holes in the bottom with a stand pipe connected to them reaching up to the desired level, others have a weir arrangement. Because the overflow is fixed relative to the tank, the water level in the tank is always the same, (assuming there is anough water in the system as a whole.
There are a few beginners kits around that have a small weir type overflow, but unless you already have one, avoid them. Generally overflow tanks aren't needed until you start getting quite advanced in the hobby, and not even then. I've 40+ years experience and never needed one.