Common LDS term denoting the right to preside and direct the use of priesthood authority. A man only holds keys for his specific calling. For example, a bishop has keys in his ward but not in the wider stake.
Mormons believe that Jesus gave Joseph Smith, and later the apostles, all the priesthood keys necessary to govern the church. Today, the president of the LDS Church is considered to hold all priesthood keys, with apostles and other leaders exercising them under his direction.