A chord subsitution is when you play a chord that is different from the one that was used originally.
How and why you do that is a long and complex discussion.
There is an excellent book on chord subs by Andy Laverne, I recommend it. Check also the material that is sold by Jaime Aebersold (
www.jazzbooks.com) he has lots of stuff on this.
If you are talking about jazz, then a couple of standard chord subs are: Replacing a V7 with (ii7 V7). For instance, instead of playing G7 to C, you would split the time spend on the G7 between Dm7 and G7 before going to C.
Another common sub is the (really, overused) "Tritone Sub". This involves replacing a V7 with a chord build on a root a tritone away (above or below makes no difference with tritones) from the original root. For instance, instead of the G7 to C, you would play, Db7 to C. Of course you could do the other sub I mentioned along with this and get Dm7 Db7 C. (play that on a piano, you hear its a common sound in jazz). Or you could play the ii7 of the tritone sub and have Abm7 Db7 to C.
Really, there is no end to this except to call in common sense and taste. You can sub every chord until you music is a total mess, so take it easy. There is even a form of Bb blues I've seen that never uses a Bb chord there are so many subs. But, that's what makes music so cool. Have fun.... it never stops.