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It is a "light" version of the Autodesk Revit CAD for architects. It is cheaper, has less functionality but is easier to learn. Compared to the standard Revit program, the Autodesk Revit LT suite has fewer analysis tools, lacks the worksharing capacity of Revit 2019. It also does not use as much Autodesk rendering routines, being more of a 2D suite. However, despite the lack of standard Revit rendering, Revit LT is a fully functional architectural program. It is recommended for smaller firms that do not have a need of workshare capabilities, for example, a company with just one architecture specialist could benefit from Revit LT, while a larger company with a staff of architects is better off using Revit. Autodesk recommends this approach.
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The Autodesk company offers various subscriptions and licenses for Revit LT. The old classic license for permanent use of the software you bought can still be purchased, however, this option is not really advertised any more, and you will need to look for it hard on the company website. Autodesk is now making money on yearly subscriptions in which you have to pay for periods of using Revit LT. Note that whatever option you choose, you will still need to periodically pay, unless you want to forgo upgrades. You may wish to stick to one version that works well for your organization or business and never care for periodical payments.