the short answer
Bulking and cutting are two opposite nutrition phases: bulking means eating in a calorie surplus to build muscle (for example 2,750 kcal on a 2,500 kcal maintenance), and cutting means eating in a deficit to lose fat while keeping muscle (for example 2,000 kcal). Cutting is the opposite of bulking. Protein stays high in both (around 1.6-2.2 g per kg of body weight), training stays hard, and most people alternate the phases in multi-week blocks.
This article is general information for coaches and lifters, not medical or dietary advice - calorie and protein needs vary by person, and anyone with a medical condition should check with a qualified professional before making changes.