In plain language, what log transformations do is that they squish the right tail of a given distribution. For example, imagine that you have some data about people's income. These tend to be positively skewed - most people will earn at or below the median wage, but they you have the few millionaires who earn 10- or 100-times more than the median.
If you try to model the income variable untransformed with an OLS linear model (e.g. linear regression, ANOVA), the model won't probably give you a great answer. The reason is that the model is trying its best to minimize the sum of squared distances from the trend. Since the millionaires may be 10- or 100-times away from the average person in terms of income, they will also be very far from the "trend" as you or I would think of it, and therefore the model will give them a much bigger weight than to the other people. Essentially, the model thinks that being couple $100,000 wrong for a few millionaires is more severe than being couple \$10,000 wrong for the average person. That may not be the case however - for the average person, a difference of \$10,000 in yearly earnings may be huge, whereas for a millionaire, \$100,000 here or there might not make as much of a difference.
When you log transform, you squish exponential differences into linear differences. So, e.g., when you take a log with a base 10, the difference between \$10,000 and \$100,000 (2 - 3 = 1) is the same as the difference between \$100,000 and \$1,000,000 (3 - 4 = 1). I.e. the difference between a very poor person and someone in the upper-middle/lower-upper class is similar to the difference between upper-middle/lower-upper class and a super wealthy person (without transformation, the model would think that the upper-middle/lower-upper and poor person are MUCH, MUCH more similar than the upper-middle/lower-upper and the super wealthy).
If you model with log transformed variables, you have to keep in mind that the transformed predictors are no longer on the original scale. So a difference of 1 on a log-transformed scale corresponds to an exponential, or multiplicative difference. Whether or not a log-transformation is a good idea is a tricky question that depends on the context - you should ask yourself if it makes sense and if you can interpret the predictor after. It can help with extremely skewed data though, e.g. reaction times.