TLDR explanation:
Instead of the monitor refreshing it's frames (aka: Hz) irrespective of how fast/slow the GPU is rendering frames, G-Sync tech monitors fully synchronise GPU frame rendering with a dynamic Hz/refresh rate of the display.
When GPU frame rendering and monitor frame refreshes are not synchronised this causes issues with games with fluctuating framerates, like tearing.
In the past, the solution to this problem was V-Sync, which forcibly synchronised GPU frame rendering until each frame was complete, but this causes stuttering and lag as the monitor's frame refresh is faster than the GPU frame rendering.
G-Sync is a hardware level syncronisation of GPU frame rendering and monitor frame refreshing, meaning the monitor's Hz/refresh rate changes dynamically depending on the GPU's rate of frame rendering. You get each frame fully rendered (no tearing), and when the framerate drops the monitor doesn't have to fight it with a locked refresh rate, instead changing it's refresh rate to fit the framerate (eliminating stuttering and input lag).