192.168.1.1/24 combines an IP address with CIDR notation, which describes the size of the network that address belongs to. The number after the slash, in this case 24, indicates how many bits of the 32 bit IPv4 address are reserved for the network portion, leaving the remaining 8 bits for individual host addresses. A /24 corresponds to a subnet mask of 255.255.255.0, which allows for 256 total addresses in that range, from 192.168.1.0 through 192.168.1.255, with 254 of those usable by devices after accounting for the network and broadcast addresses. This is the most common home network setup, since it comfortably supports typical households with phones, laptops, smart devices, and printers. To calculate ranges and subnet masks for other CIDR values, try our subnet calculator.

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