A solved game is a game whose outcome (win, lose, or draw) can be correctly predicted from any position, assuming that both players play perfectly.
A two-player game can be "solved" on several levels:
Despite their name, many game theorists believe that "ultra-weak" proofs are the deepest, most interesting and valuable. "Ultra-weak" proofs require a scholar to reason about the abstract properties of the game, and show how these properties lead to certain outcomes if perfect play is realized.
By contrast, "strong" proofs often proceed by brute force—using a computer to exhaustively search a game tree to figure out what would happen if perfect play were realized. The resulting proof gives an optimal strategy for every possible position on the board. However, these proofs are not as helpful in understanding deeper reasons why some games are solvable as a draw, and other, seemingly very similar games are solvable as a win.
Given the rules of any two-person game with a finite number of positions, one can always trivially construct a minimax algorithm that would exhaustively traverse the game tree. However, since for many non-trivial games such an algorithm would require an infeasible amount of time to generate a move in a given position, a game is not considered to be solved weakly or strongly unless the algorithm can be run by existing hardware in a reasonable time. Many algorithms rely on a huge pre-generated database, and are effectively nothing more.
As an example of a strong solution, the game of tic-tac-toe is solvable as a draw for both players with perfect play (a result even manually determinable by schoolchildren). Games like nim also admit a rigorous analysis using combinatorial game theory.
Whether a game is solved is not necessarily the same as whether it remains interesting for humans to play. Even a strongly solved game can still be interesting if its solution is too complex to be memorized; conversely, a weakly solved game may lose its attraction if the winning strategy is simple enough to remember (e.g. Maharajah and the Sepoys). An ultra-weak solution (e.g. Chomp or Hex on a sufficiently large board) generally does not affect playability.