Standard is a rotating group of Magic: The Gathering sets. Most sets enter Standard when they're released and drop out about eighteen months later.
A deck which contains only Standard cards is called a Standard deck.
The set rotation pattern for Standard is currently in a two-year transitory phase between the previous set release pattern and the upcoming one.
The Theros block and 2015 Core Set will drop out together, as in the old rotation pattern.
The Khans of Tarkir block and 2016 Core Set, although released in the old style, will drop out in the new; Khans of Tarkir and Fate Reforged will drop out together as if they were a two-set block, followed by Dragons of Tarkir and 2016 Core Set in the same fashion six months later.
After that, all sets will be both released and dropped in the new style.