Dalai Lama is a title given by the Tibetan people for the foremost spiritual leader of the Gelug or "Yellow Hat" school of Tibetan Buddhism, the newest of the classical schools of Tibetan Buddhism. The 14th and current Dalai Lama is Tenzin Gyatso, who lives as a refugee in India.

The Dalai Lama is also considered to be the successor in a line of tulkus who are believed to be incarnations of Avalokiteśvara, a Bodhisattva of Compassion. The name is a combination of the Mongolic word dalai meaning "ocean" or "big" (coming from Mongolian title Dalaiyin qan or Dalaiin khan, translated as Gyatso in Tibetan) and the Tibetan word (bla-ma) meaning "master, guru".

The traditional function of the Dalai Lama as an ecumenical figure, holding together disparate religious and regional groups, has been taken up by the present fourteenth Dalai Lama. He has worked to overcome sectarian and other divisions in the exiled community and has become a symbol of Tibetan nationhood for Tibetans both in Tibet and in exile.

More Info: en.wikipedia.org