The short answer
A content refresh means updating an existing piece of content (correcting an outdated detail, adding new information, improving a weak section) rather than creating something new. It applies most naturally to evergreen content whose core idea has held up over time but whose specifics have gone stale.
When a refresh makes more sense than a new post
A piece of content that performed well but now contains an outdated fact, statistic, or screenshot is a strong candidate for a refresh rather than a full rewrite. The underlying structure and value already proved themselves, and the update work is comparatively small.
A periodic review catches this before it becomes a real problem
Content that references a specific date, a platform feature, or a number that changes over time is worth reviewing on a set schedule, rather than fixing it after someone points out it is wrong. That is the same reasoning behind a regular content audit more broadly.