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Trooping the Colour is a ceremony performed by regiments of the Commonwealth and the British Army. It has been a tradition of British infantry regiments since the 17th century, although the roots go back much earlier. On battlefields, a regiment's colours, or flags, were used as rallying points. Consequently, regiments would have their ensigns slowly march with their colours between the soldiers' ranks to enable soldiers to recognise their regiments' colours.
Since 1748 Trooping the Colour has also marked the official birthday of the British Sovereign.[1] It is held in London annually on the second Saturday in June[2] on Horse Guards Parade by St James's Park, and coincides with the publication of the Birthday Honours List. The colourful ceremony, also known as "The Queen's Birthday Parade," is broadcast live by the BBC.
The Queen rides down from Buckingham Palace in a Royal Procession with a Sovereign's Escort of Household Cavalry (also known as "Mounted Troops" or "Horse Guards"). She inspects her troops of the Household Division, including both Foot Guards and Horse Guards. Each year one regiment is selected to troop their colour through the ranks of guards. Then the entire assembly of Household Division conducts a March Past around the Parade past the Queen, who receives their salute from the Saluting Base. (The Mounted Troops perform a Walk March and a Trot Past, and the King's Troops ride by with their guns, which are their colour.)
The music is provided by the Massed Bands of the Foot Guards and the Mounted Bands of the Household Cavalry, together with a Corps of Drums and occasionally pipers. They number in total around 400 musicians.
On return to Buckingham Palace, the Queen watches a further march past from outside the gates and then, with the Royal Family on the balcony, a flypast.

Source: http://en.wikipedia.org/wiki/Trooping_the_Colour