On Monday, January 24, engineers plan to instruct NASA’s James Webb Space Telescope to complete a final correction burn…

On Monday, January 24, engineers plan to instruct NASA’s James Webb Space Telescope to complete a final correction burn that will place it into its desired orbit, nearly 1 million miles away from the Earth at what is called the second Sun-Earth Lagrange point, or “L2” for short.
Mathematically, Lagrange points are solutions to what is called the “restricted three-body problem.” Any two massive, gravitationally significant objects in space generate five specific locations – Lagrange points – where their gravitational forces and the centrifugal force of the motion of a small, third body such as a spacecraft are in equilibrium. Lagrange points are labeled L1 through L5 and are preceded by the names of the two gravitational bodies that generate them (the big one first).

So why send Webb to orbit Sun-Earth L2? Because it is an ideal location for an infrared observatory: https://youtu.be/HGKH0TmwZsM
A detailed breakdown of Webb’s orbit can be found here