The phrase "anchor text" refers to the clickable words or phrases in a hyperlink that direct you to another web page. It is the text that is highlighted and underlined, standing out from the rest of the content. Full definition
You know you've been getting great «results» from buying keyword - rich domains, building anchor text links and leaving comment spam that all follow this pattern. (lawyerist.com)
Sometimes those links would use anchor text for the keywords mentioned in the interview. (toprankblog.com)
We pointed them to specific pages the site and used anchor text containing strategic keywords. (jurisdigital.com)