The following is part of an ongoing series of basic tutorials for gameplay scripters.
Delta time is a simple but fundamental aspect of how we program in games.
Simply - delta time is the measure of how much time has passed between each frame. Updates aren't fixed (they can take different times to complete), because of this, if you are moving an object a fixed amount each frame, it will actually move at a variable speed.
What you really want is to be able to move something at a constant speed.
The solution is simple: We measure the amount of time passed in milliseconds since the last frame and we multiply it by our delta time.
This means that if a frame takes more time to complete, your object will move further to compensate.
SudoCode
object's position + increment * delta time
Unity C#
myObject.transform.position += myVectorOffset * Time.deltaTime;