The serpentine belt is a long rubber belt that delivers power to engine accessories - alternator, power steering pump, air conditioning compressor and (sometimes) water pump.
Modern vehicles (usually) have only one belt and can power all accessories through multiple pulleys.
Although using only one belt is the most effective and reliable choice, it also means that when your car's serpentine belt breaks, all work will stop! You will lose power steering, the air conditioner will stop working, your battery will eventually run out of power, and the engine may overheat. In addition, it may damage the engine accessories it controls.
This is why it is so important to replace the serpentine belt regularly.