Carb cycling takes the macronutrients (the proteins, fats and carbs) of your meals and manipulates them to reduce body fat to very low levels, with as little muscle cannibalization as possible.
Here's the theory: Because carbs are the body's preferred source of fuel, cycling those carbs - eating lower amounts some days, higher amounts other days - confuses the body by not giving it a constant and dependable fuel source. When we reduce the intake of carbs on lower carb days, we'll replace those calories with protein and healthy fats. That way you'll have an adequate number of calories and maintain as much muscle as possible as you continue to exercise.