The Fermi level is the temperature dependent 'chemical potential' of a fermionic substance. It is also the energy at wich an obital is exactly half filled. This can be seen from the Fermi-Dirac distribution:
Where

is the fundamental temperature

,

the energy of the orbital and

the chemical potential or fermi level. This gives the probabality of finding a particle in an orbital with energy epsilon, it is also the expectation value of fermions in that orbital because there can be only 1 or 0 fermions in an orbital because of the Pauli exclusion principle. If you fill in

this yields 1/2.
So for energies below the fermi level orbitals are more than half filled and above they are less than half filled. The Fermi energy is the fermi level at absolute zero temperature.