Magnetic braking is a theory explaining the loss of stellar angular momentum due to material getting captured by the stellar magnetic field and thrown out at great distance from the surface of the star. It plays an important role in the evolution of binary star systems.
The currently accepted theory of the solar system's evolution states that the Solar System originates from a contracting gas cloud. As the cloud contracts, the angular momentum must be conserved. Any small net rotation of the cloud will cause the spin to increase as the cloud collapses, forcing the material into a rotating disk. At the dense center of this disk a protostar forms, which gains heat from the gravitational energy of the collapse. As the collapse continues, the rotation rate can increase to the point where the accreting protostar can break up due to centrifugal force at the equator.
Thus the rotation rate must be braked during the first 100,000 years of the star's life to avoid this scenario. One possible explanation for the braking is the interaction of the protostar's magnetic field with the stellar wind. In the case of our own Sun, when the planets' angular momenta are compared to the Sun's own, the Sun has less than 1% of its supposed angular momentum. In other words, the Sun has slowed down its spin while the planets have not.
Ionized material captured by the magnetic field lines will rotate with the Sun as if it were a solid body. As material escapes from the Sun due to the solar wind, the highly ionized material will be captured by the field lines and rotate with the same angular velocity as the Sun, even though it is carried far away from the Sun's surface, until it eventually escapes. This effect of carrying mass far from the centre of the Sun and throwing it away slows down the spin of the Sun. The same effect is used in slowing the spin of a rotating satellite; here two wires spool out weights to a distance slowing the satellites spin, then the wires are cut, letting the weights escape into space and permanently robbing the spacecraft of its angular momentum.