LTS is an abbreviation for Long Term Support. In general, it means support for a software product (e.g. bug fixes, security patches, and so on) will be available in the long term. The details (e.g. what "support" means, and how long is "long term") will vary from one product or vendor to the next.
In the context of Java, the meaning of LTS releases depends on vendor1:
The meaning and timescales for Oracle Java SE LTS releases are given by the Oracle Java SE Support Roadmap.
For other JDK vendors' LTS offerings, you need to refer to their support documentation. Vendors include Azul Systems, Microsoft, Amazon, BellSoft, IBM, Red Hat, Canonical, SAP, Adoptium (Eclipse Foundation), and more.
The official OpenJDK releases (i.e. those downloadable from https://jdk.java.net/archive/) are not LTS. They are not supported / patched beyond their (relatively short) active development lifetimes.
Another useful resource on JDK1 release dates, end of public updates, end of support, and so on is the Wikipedia Java Version History page. This page also summarizes support dates for other Java JDK vendors. Caveat: this page is not official, though it does cite its sources.
Finally, this webcast by Nicolai Parlog of Oracle makes some important points about what LTS really means in the Java / OpenJDK ecosystem.
Suppose that a lot of time after the release of an LTS version. If the support period has not yet expired, can this LTS version receive an update despite the fact that even a newer LTS version has been released?
Basically, yes. Patch releases for an LTS Java JDK version will continue to be produced (as required) until the official end of the LTS period. The release of newer (LTS or non-LTS) versions will not affect this.
For example, can JDK 17.0.7 get an update to 17.0.8 in 2023 when JDK 20 was released?
Yes.
Note: JDK 20 was not LTS by Oracle's definition... and is now end-of-life. The latest release LTS from Oracle at the time of writing is Java 21, and the next LTS from Oracle is projected to be Java 25. Meanwhile support continues for older Oracle LTS releases (Java 8, Java 11 and Java 17), including an update this very month, 2024-07.
1 - In theory, you also need to take account of the longevity and business practices of the vendor themselves. For example, if Oracle was bought out by a company that was hostile to Java, you might find that the meaning of "long term support" changed. However, there is no practical way for you to protect yourself from this. Especially if you are not paying for Java support.
2 - A Java JRE or JRE release can be treated as equivalent from the perspective of support. Oracle ceased making JRE releases publicly available for versions of Java after Java 8. They offer jlink
as an alternative. JRE releases are available from some other JDK vendors.