A targum (plural: targumim) is an Aramaic translation of the Hebrew Bible (Tanakh) written or compiled in the Land of Israel or in Babylonia from the Second Temple period until the early Middle Ages (late first millennium). (Targum is also the name used for the dialects of Aramaic spoken by Jews in Kurdistan.)
As translations, the targumim largely reflect rabbinic (i.e. midrashic) interpretation of the Tanakh. This is true both for those targumim that are fairly literal, as well as for those which contain a great many midrashic expansions.
Aramaic was the dominant language or lingua franca for hundreds of years in major Jewish communities in the Land of Israel and Babylonia. In order to facilitate the study of Tanakh and make its public reading understood, authoritative translations were required.
Besides its public function in the synagogue, the Talmud also mentions targum in the context of a personal study requirement: "A person should always review his portions of scripture along with the community, reading the scripture twice and the targum once." This too refers to Targum Onkelos on the public Torah reading and to Targum Jonathan on the haftarot from Nevi'im.
Medieval biblical manuscripts of the Tiberian mesorah sometimes contain the Hebrew text interpolated, verse-by-verse, with the official targumim. This scribal practice has its roots both in the public reading of the Targum and in the private study requirement.
The two "official" targumim are considered eastern (Babylonian). Nevertheless, scholars believe they too originated in the Land of Israel because of a strong linguistic substratum of western Aramaic. Though these targumim were later "easternized," the substratum belying their origins still remains.
In post-talmudic times, when most Jewish communities had ceased speaking Aramaic, the public reading of Targum along with the Torah and Haftarah was abandoned in most communities. In Yemen, however, rather than abandoning the Aramaic targum during the public reading of the Torah, it was supplemented by a third version, namely the translation of the Torah into Arabic by Saadia Gaon (called the Tafsir). Thus, in Yemen each verse was read three times.
The private study requirement to review the Targum was never entirely relaxed, even when Jewish communities had largely ceased speaking Aramaic, and the Targum never ceased to be a major source for Jewish biblical exegesis. For these reasons, the Targum is still almost always printed alongside the text in Jewish editions of the Bible with commentaries. Nevertheless, later halakhic authorities argued that the requirement to privately review the targum might also be met by reading a translation in the current vernacular in place of the official Targum, or else by studying an important commentary containing midrashic interpretation (especially that of Rashi).
In the same printed version, a similar fragment targum is correctly labeled as Targum Yerushalmi. Another important full western Targum on the Torah is Targum Neofiti.
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