Policy-Based-Routing is a more complex form of the ordinary routing table
With Policy-Based-Routing you can formulate specific rules to get your packets routed different than the normal main routing table.
You can define rules upon source or destination address as well as even more complex situations using fwmarks and iptable's mangle:PREROUTING chain which empowers you with all possibilities that iptables grants you.
Policy-Based-Routing can also be used to merge Multi-Link PPP uplinks and/or Load-Balancing as well as traffic shaping.