R supports a special data type called "formula", which has the general form
LHS ~ RHS
although LHS is not always required. There are rules for how to specify the LHS and RHS  and what they mean (see ?formula).
The interpretation of a formula depends on the function call, so you need to read the documentation for the specific call. For example, in
aggregate(mpg~cyl,mtcars,mean)
#   cyl      mpg
# 1   4 26.66364
# 2   6 19.74286
# 3   8 15.10000
the formula means "group mpg by cyl in mtcars and calculate the mean for each group". 
On the other hand, when used in lm(...)
fit <- lm(mpg~wt+hp+disp,mtcars)
summary(fit)
# ...
# Coefficients:
#              Estimate Std. Error t value Pr(>|t|)    
# (Intercept) 37.105505   2.110815  17.579  < 2e-16 ***
# wt          -3.800891   1.066191  -3.565  0.00133 ** 
# hp          -0.031157   0.011436  -2.724  0.01097 *  
# disp        -0.000937   0.010350  -0.091  0.92851    
# ---
# ...
means "fit a linear model mpg = b0 + b1*wt + b2*hp + b3*disp". Note that you don't specify the b's.
In xyplot(...)
library(lattice)
xyplot(mpg~wt,mtcars)
the formula means "plot mgp vs wt in mtcars".
Finally, you can set a variable to a formula, as in
myFormula <- mpg~hp+wt+disp
fit <- lm(myFormula,mtcars)