A topological space is a loop space if it has a delooping. It is an infinite loop space if this delooping has itself a delooping, and so on.
In homotopy theory infinite loop spaces are equivalent to connective spectra.
Infinite loop spaces are the grouplike E-∞ algebras in Top (grouplike E-∞ spaces).
See for instance (Adams, pretheorem 2.3.2) and the references listed there for traditional accounts. See (Lurie, section 5.1.3) for a modern formulation.
(Compare to how just loop spaces are the grouplike A-∞ algebras, see looping and delooping.)
Peter May, Infinite loop space theory, Bull. Amer. Math. Soc. Volume 83, Number 4 (1977), 456-494. (Euclid)
Infinite loop space theory revisited (pdf)
John Adams, Infinite loop spaces, Hermann Weyl lectures at IAS, Princeton University Press (1978)
Section 5.1.3 of