Circuit training is a set of different exercises, or stations, done one after another with little rest, then repeated for several rounds. Once you've done every station, that's one round.
Good circuits move the work around the body, so your legs recover while your arms work and the other way round. That lets you keep going with short rests. Stations can be bodyweight moves, dumbbells, kettlebells, a skipping rope or a rower, whatever you have.
Some circuits give every station the same time. Others give the harder stations less time and more rest, or give a longer hold like a plank its own length. That's where a timer that handles different times for each station earns its keep.