HTML (or Hyper Text Markup Language) is a markup language used to structure text and multimedia documents and to set up hypertext links between documents.
Hyper is the opposite of linear. It used to be that computer programs had to move in a linear fashion. This before this, this before this, and so on. HTML does not hold to that pattern and allows the person viewing the World Wide Web page to go anywhere, any time they want.
Text is because HTML is composed of nothing but text that your browser will convert into a easier to view document.
Mark up is a method of adding information to the text indicating the logical components of a document, or instructions for layout of the text on the page.
Language is because HTM alone is really a language in itself, and therefore it was dubbed HTML.