Inserted and deleted are two special tables used in the trigger statements.
The deleted table stores copies of the affected rows during DELETE and UPDATE statements. During the execution of a DELETE or UPDATE statement, rows are deleted from the trigger table and transferred to the deleted table. The deleted table and the trigger table ordinarily have no rows in common.
The inserted table stores copies of the affected rows during INSERT and UPDATE statements. During an insert or update transaction, new rows are added simultaneously to both the inserted table and the trigger table. The rows in the inserted table are copies of the new rows in the trigger table.
Check BOL for more information.