BDSM is a composite acronym of B&D (bondage and discipline), DS (dominance and submission) and SM (sadomasochism). It's an umbrella term that is used to describe any kind of kink activity, from tying people up to spanking to telling people what to do. Sensation play, uniforms, sensory deprivation, temperature play, role-playing, group sex, swinging, chastity play, orgasm control, puppy play, pony play, age play/little play, food play, sploshing, enema play, pegging, corsetry/tightlacing, religious play, body writing/body painting, exhibitionism/voyeurism, erotic photography, dirty talk, sexting/cybering, neo-Tantra, erotic hypnosis, mutual masturbation, foot worship, cock/pussy worship, erotic massage, toys/vibrators, teasing, dogging, bathhouse/gloryhole sex, erotic storytelling, panty sniffing, looning, fursuiting, truth or dare, sex games, teledildonics, statue fetishes, sex doll fetishes, transvestism, sleep sex...that's just the tip of the iceberg. The fun, sexy iceberg.
Here's what BDSM term means letter by letter:
BD - Bondage & Discipline (playing with physical restraints, training, punishment, etc.)
DS - Dominance and submission (playing with obedience, power exchange, service, humility, etc.)
SM - Sadism & Masochism (playing with pain, degradation, fear, etc.)