What does ":" stand for in a query?
A bind variable. Bind variables allow a single SQL statement (whether a query or DML) to be re-used many times, which helps security (by disallowing SQL injection attacks) and performance (by reducing the amount of parsing required).
How does it fetch the desired value?
Before a query (or DML) is executed by Oracle, your program will create a cursor. Your program issues the SQL to be parsed for that cursor, then it must bind values for each bind variable referred to by the SQL. How this is done depends on the language.
What is that sign called?
A colon.
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