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A socialist republic is a republic that according to its constitution or political doctrine operates under some form of a socialist economic system.
Some nations go so far as to actually use the word "socialist republic" in their official name, for example the "Democratic Socialist Republic of Sri Lanka" or the "Socialist Republic of Vietnam". The Soviet Union was made up of numerous socialist republics, and the country's full name was the "Union of Soviet Socialist Republics," see Republics of the Soviet Union.
Other nations that have claimed to be socialist republics include North Korea, Cuba, and the People's Republic of China.
Socialist republics operate under their own interpretation of Marxist doctrine, and usually claim to be executing Marx's envisioned dictatorship of the proletariat. A institutionalized Communist Party is often common.