The isoelectric point of a protein is the pH at which the protein has no net charge. At pH values lower than the isoelectric point, more basic side chains of amino acids become protonated to give the protein a net positive charge. Similarly, at pH values higher than the isoelectric point, more acidic side chains become deprotonated, giving the protein a net negative charge. It should be noted that the protein still contains charged side chains at its isoelectric point; however, at the isoelectric point, the number of positively-charged side chains is equal to the number of negatively-charged side chains.
The concept of isoelectric point is important when crystallizing proteins because proteins may have an easier time packing into a crystal lattice when there have no net charge (although this is not always the case).