Plain English Meaning
Pushing, pulling, or moving the controls more than needed, so the airplane reacts too much and you end up chasing it back the other way.
Full Definition
Applying larger or more abrupt control inputs than the airplane requires for the desired result, causing the aircraft to respond more than intended and forcing the pilot to make corrective inputs in the opposite direction.
Context Anchor
Seen in basic flight training when practicing straight-and-level flight, turns, approaches, landings, and other maneuvers that require smooth control.
Derivation
Built from 'over-' meaning too much, and 'controlling' meaning operating the flight controls. The word literally describes using the controls beyond what is needed.