50/50 bulbs are bulbs that put out 2 different types of light.
Different bulbs makers might vary the type of light that makes up 50% of the bulb (i.e. trichromatic or light like you'd see from a regular saltwater bulb). However, the other 50% is always an Actinic Blue light, which is needed for coral and anemones and the algae that live within them.
So, in other words a 50/50 bulb is two lights in one bulb.