it's a fancy language of saying "homogeneous polynomials of degree $d$"
essentially when you work in projective space it's quite natural that people consider things like zero locus of homogeneous polynomials right --- analogous to the affine case
but unlike the affine case where polynomials are really "functions to $k$"
you cannot think of homogeneous polynomials as "functions to $k$" (because it's not well-defined if you define it the naive way) -- in fact it turns out the only regular functions on a projective variety are constants (say / k algebraically closed)