Plain English Meaning
The CFRs are the official rulebook of the U.S. government. The aviation section of that rulebook is what pilots have to follow.
Full Definition
The Code of Federal Regulations is the official compilation of rules issued by U.S. federal agencies. For aviation, Title 14 of the CFRs (commonly written as 14 CFR) contains the rules governing aircraft, airmen, and operations, including the parts pilots refer to most often such as Part 61 (certification of pilots), Part 91 (general operating and flight rules), Part 121 (airline operations), and Part 135 (commuter and on-demand operations).
Context Anchor
You will see CFRs cited in FAA handbooks, checklists, training material, operating rules, and discussions of what is legally required before or during a flight.