Geotagging is the process of adding geographical identification metadata to various media such as photographs, video, websites, or RSS feeds and is a form of geospatial metadata. These data usually consist of latitude and longitude coordinates, though they can also include altitude, bearing, accuracy data, and place names.
Geotagging can help users find a wide variety of location-specific information. For instance, one can find images taken near a given location by entering latitude and longitude coordinates into a Geotagging-enabled image search engine. Geotagging-enabled information services can also potentially be used to find location-based news, websites, or other resources.[1]
Less commonly, this process has been called geocoding (ie. a geocoded photograph), a term that more often refers to the process of taking non-coordinate based geographical identifiers, such as a street address, and finding associated geographic coordinates (or vice versa for reverse geocoding), or to the use of a camera that inserts the coordinates when making the picture, for example using its built in GPS receiver.
Source: Wikipedia.