Balanced polymorphism is when there are selective pressures that select for an array of alleles in a balanced fashion.
An example would be sickle cell disease and malaria. Homozygosity for the diseased alleles leads to sickle cell disease, which is deleterious, however, the environment still selects for the allele because it confers resistance to malaria. People who do not have both alleles but have one have a less severe disease, and are resistant to malaria, so the disease phenotype exists and is balanced with the healthy phenotype.