Approximation theory is like playing a guessing game. Imagine you have a big puzzle to solve, but you don't have all the pieces. You only have some pieces, and you need to fill in the gaps. That's what approximation theory is all about: filling in the gaps.
For example, let's say you want to draw a curve that looks like a wave. But you don't know all the points on the curve, only a few. You could use approximation theory to fill in the gaps and draw a curve that looks like a wave.
People use approximation theory in all sorts of fields. Mathematicians use it to solve complicated equations. Scientists use it to model natural phenomena, like the growth of a population of animals. Engineers use it to build things, like bridges and airplanes.
It's like the saying "close enough" - sometimes getting very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very very close to the right answer is enough.