This article is from the Audio Professional FAQ, by with numerous contributions by Gabe M. Wiener others.
Mastering is a multifaceted term that is often misunderstood. Back in
the days of vinyl records, mastering involved the actual cutting of
the master that would be used for pressing. This often involved a
variety of sonic adjustments so that the mixed tape would ultimately
be properly rendered on vinyl.
The age of the CD has changed the meaning of the term quite a bit.
There are now two elements often called mastering. The first is the
eminently straightforward process of preparing a master for pressing.
As most mixdowns now occur on DAT, this often involves the relatively
simple tasks of generating the PQ subcode necessary for CD replication.
PQ subcode is the data stream that contains information such as the
number of tracks on a disc, the location of the start points of each
track, the clock display information, and the like. This information
is created during mastering and prepared as a PQ data burst which the
pressing plant uses to make the glass pressing master.
Mastering's more common meaning, however, is the art of making a
recording sound "commercial." Is is the last chance one has to get
the recording sounding the way it ought to. Tasks often done in
mastering include: adjustment of time between pieces, quality of
fade-in/out, relation of levels between tracks (such that the listener
doesn't have to go swinging the volume control all over the place),
program EQ to achieve a desired consistency, compression to make one's
disc sound LOUDER than others on the market, the list goes on.
A good mastering engineer can often take a poorly-produced recording
and make it suitable for the market. A bad one can make a good
recording sound terrible. Some recordings are so well produced,
mixed, and edited that all they need is to be given PQ subcode and
sent right out. Other recordings are made by people on ego trips, who
think they know everything about recording, and who make recordings
that are, technically speaking, wretched trash.
Good mastering professionals are acquainted with many styles of music,
and know what it is that their clients hope to achieve. They then use
their tools either lightly or severely to accomplish all the multiple
steps involved in preparing a disc for pressing. [Gabe]
 
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