Deferred shading is a screen-space shading technique. It is called deferred because no shading is actually performed in the first pass of the vertex and pixel shaders, instead, shading is deferred until a second pass.
The first step is to render all scene geometry into a g-buffer, which typically consists of several render target textures. The individual channels of these textures are used to store geometry surface information per pixel, such as surface normal or material properties.