"Continuous Delivery (CD) is a software engineering approach in which teams keep producing valuable software in short cycles and ensure that the software can be reliably released at any time." (from
here)
Software artefacts are developed using a build pipeline. This pipeline consists of several steps to provide quick feedback on software quality by means of code quality checks, automated tests, test coverage checks, etc. When the software is done (adhering to a Definition of Done (DoD)), it is released. This release as a whole is then tested and promoted until it reaches a production environment. In the meantime, work on a next release has already started. This process is shown in the below image. This is a minimal example (especially on the test part). In the below image, you can see there are 3 releases in progress. This is only in order to illustrate the process. You should of course try to limit the number of releases which are not in production to reduce the overhead of fixes on those releases.