Tristan's answer explains what B3LYP and 6-31G(2df,p) are. I agree with everything Tristan said, I will just write an answer that is a bit more generic: not specific to B3LYP and 6-31G(2df,p).
"Level of theory" in quantum chemistry, is a phrase indicating "how accurate" a calculation is. It is usually denoted in the form X/Y where X refers to how accurately the energy (or property) is calculated within the specific basis set being used, and Y refers to the basis set used (i.e. how the wavefunction is modeled). Here are some examples:
$$
\begin{array}{lcc c}
& \textrm{Accuracy within basis set used} & &\textrm{Basis set used}\\
\hline
\textrm{B3LYP/6-31G(2df,p)} &\textrm{B3LYP} && \textrm{6-31G(2df,p)}\\
\textrm{CCSD(T)/cc-pVDZ} & \textrm{CCSD(T)} & &\textrm{cc-pVDZ}\\
\textrm{FCI/STO-3G} & \textrm{FCI} & &\textrm{STO-3G} \\
\textrm{MP2/def2-SVP } & \textrm{MP2} && \textrm{def2-SVP}\\
\end{array}
$$
Warning: In this terminology, even if the "level of theory" is exact (i.e. FCI/CBS or "Full Configuration Interaction" in a "Complete Basis Set"), the energy or property being calculated is still not necessarily exact, because it does not make clear the level of treatment of relativistic, beyond-Born-Oppenheimer, hyperfine, electro-weak, and other effects. Within this notion of "level of theory", all that "exact" really means, is that the Schrödinger equation is being solved to full numerical convergence for the specific Hamiltonian being used (which could be non-relativistic, ignoring nuclear-electron correlation, or approximate in any of a number of different ways).