In the SDL wiki it says
Use this function to perform a fast blit from the source surface to the destination surface.
However that
Blitting means bit-boundary block transfer as defined by Wikipedia or Block Information Transfer, well known among the Pygame developers. Assume you have a Surface(your screen). And you would like to draw a circle on the screen. So what you want to do is, draw the circle and transfer the circle block of the buffer to the screen buffer, this process is called "Blitting". You can go ahead and read more about Blit here.