Schema.org provides a collection of schemas, i.e., html tags, that webmasters can use to markup their pages in ways recognized by major search providers. Search engines including Bing, Google and Yahoo! rely on this markup to improve the display of search results, making it easier for people to find the right web pages.
This is something similar to Sitemaps.org. Schema.org predefines a set of shared markup vocabulary that makes it easier for webmasters to decide on a markup schema and get the maximum benefit for their efforts. So, in the spirit of sitemaps.org, Bing, Google and Yahoo! have come together to provide a shared collection of schemas that webmasters can use.