An audio signal that is carried on three wires (or five wires for stereo pair), with two of them carrying the same signal but with reversed phase, and a third wire for shielding. Since the two signal wires would pick up virtually identical noise from outside (common mode noise), and that noise can be canceled out at the receiving end by a differential amplifier, the balanced audio is much less susceptible to hum and interference from long cable runs.
Balanced audio connections are extremely important in sound recording and production because they allow for the use of very long cables with reduced introduction of outside noise. The most common balanced connector is the 3-pin XLR, which is used with microphones because of its durable construction. Many microphones have low impedance (low-Z), which makes long microphone cables susceptible to some forms of outside noise, and a perfect application for a balanced line, which cancels out most of this outside noise.