Technique of coffee made whereby coarsely ground beans are steeped in room-temperature water for an extended period of time. This time is usually for a period of 6-24 hours (6 appears to be on the very short end; more timeframes tend toward 12-24 hours), and the end result is a coffee that is less acidic and more naturally sweet. Just so we are clear, the coffee isn’t necessarily going to be sweet but sweeter.
The “brew” portion of the term is a bit of a misnomer; cold-brew coffee doesn’t actually go through the brewing process associated with coffee where the grounds are boiled in water. In that regard (and the drastically differing times), cold-brew is different from iced coffee. They can have very difference flavors. On top of this, cold-brew coffee tends to have more caffeine than its hot counterparts.