Plain English Meaning
It is how many times its own weight the wings are currently being asked to lift. In level flight the wings lift exactly the aircraft's weight, so the number is 1. In a steep turn or sharp pull-up the wings have to lift much more than that, so the number goes up.
Full Definition
Load factor is the ratio of the total aerodynamic load supported by an aircraft's wings to the actual weight of the aircraft. It is expressed as a multiple of gravity, or 'G'. In straight-and-level unaccelerated flight, load factor is 1G, meaning the wings are supporting a load equal to the aircraft's weight. In a level 60-degree banked turn, load factor is 2G, meaning the wings are supporting twice the aircraft's weight.
Context Anchor
Seen in stall awareness, steep turns, maneuvering speed, and discussions of how abrupt or affect the .