Iodine value is like a measuring tape for fats and oils. You know how you measure how tall you are with a measuring tape? Well, iodine value measures how much "unsaturated" fatty acids there are in a fat or oil.
Now, "unsaturated" means there are places in the fatty acid chain where there are gaps or "double bonds" that can be filled with other molecules. Think of these gaps as openings in a Lego block that can connect it to other Lego blocks.
The iodine value shows you how many of these "spaces" there are in a fat or oil. It's important to know this because different foods and products need different types of fats and oils with specific iodine values. For example, some products need oils that are more solid at room temperature, and these tend to have lower iodine values than liquid oils.
So, scientists use the iodine value to choose the right fat or oil for different products. But, for you, it's like measuring how tall you are, except instead of height, it's a measurement of how many spaces are in your Lego blocks that can connect them to other Lego blocks.