The short answer
A property list — .plist for short — is Apple's standard file format for storing structured data: a dictionary of keys and typed values. It is the same format Apple's own frameworks use everywhere, described in Apple's Property List Programming Guide. Every macOS and iOS app ships one as its Info.plist, user defaults (the defaults system) live in plist files under ~/Library/Preferences, and launchd jobs, entitlements and configuration profiles are all property lists.