Have you ever played with a toy that you threw up in the air and it fell right back into your hand? That is how things work in a geostationary orbit.
Imagine there is a super fast train that goes around the Earth very quickly. If this train goes fast enough, it can stay suspended above one spot on the Earth without falling down. This is called a geostationary orbit.
A satellite in a geostationary orbit takes about 24 hours to make one full circle around the Earth, which is the same amount of time it takes the Earth to complete one full rotation. This means that the satellite is always in the same spot in the sky, like a toy that stays in your hand.
Satellites in geostationary orbit are used for many things, such as communication, weather prediction and monitoring the Earth's environment. It is a great place for satellites to be because they can be in constant contact with people on the ground, and can see the same part of the Earth all the time.
So, it's like a fast train that goes around the Earth so quickly that it can stay in one spot in the sky all the time, and this is called a geostationary orbit.