You need to know: Basic graph theory (graphs, vertices, edges, shortest path), notation.
Background: Let be the total number of shortest paths from s to t in an undirected graph G. Let
the number of such shortest paths which contain vertex v. The number
is called the betweenness centrality of vertex v.
The Theorem: On 25th September 2000, Ulrik Brandes submitted to The Journal of Mathematical Sociology a paper in which he developed an algorithm which compute the betweenness centrality of all vertices of graph with n vertices and m edges in time .
Short context: The betweenness centrality is important in the analysis of social networks. However, before the Theorem, the fastest algorithm to compute it worked in steps. The Theorem provides a significant improvement for graphs with not too many edges, which is often the case in the applications.
Links: The original paper is available here.