Ranked choice voting (RCV) is an election method where voters rank candisates in order of their preference (e.g., John is my first choice, Sharon is my second choice, and Dylan is my third choice, and so on). If a candidate (e.g., Sharon) receives more than 50 percent of votes cast that candidate wins - much as you would see in a majority election.
That said, if there is no majority winner after counting the first choices (i.e, none of the candidates got more than 50 percent of votes cast), the race is then decided by an instant runoff.
In the instant runoff, the candidate with the fewest votes is eliminated from the race. Voters who ranked the now eliminated candidates as their first choice have their second choice get their vote.