What is an "encoding" of a TM?
A Turing machine $M$ can be described as a 7-tuple $(Q,F,q_0,\Sigma,\Gamma,\delta, blank)$. This means that if someone gives you this 7-tuple, then the TM is well-defined, and you can precisely define how it behaves, etc.

The encoding of a TM, usually denoted as $\langle M \rangle$ is a string that encompasses all the information of the 7-tuple describing $M$. You can think of it as "writing the 7-tuple as a binary string" (but this is a simplification). So the encoding of M, is just a string that describes how the TM works.

The last observation is that if you know the encoding - you know everything about the TM; specifically, if $\langle M \rangle$ is given as an input (to a machine $M'$), the TM $M'$ can "run" or "simulate" what $M$ would have done on any given input -- the machine $M'$ knows the states $Q$ of $M$ and the transition $\delta$ of $M$, so it can imitate its actions, step by step.