A suborbital flight is one that goes into space but doesn't travel fast enough to stay there and go all the way around the earth.
In an orbital flight, a spacecraft reaches a velocity high enough to orbit Earth, essentially "falling" continuously around the planet. Suborbital flights instead fall back to the earth's surface after briefly reaching space. This adjective is also a medical term that means "beneath the orbit of the eye." The Latin roots of suborbital are sub-, "under," and orbita, "path or track."