A controlled vocabulary is a curated collection of words and phrases that are relevant to an application or a specific industry. These elements can come with additional properties that indicate both how they behave in common language and what meaning they carry, in terms of topic and more.
While the value of a controlled vocabulary is similar to that of taxonomy, they differ in that the nodes in taxonomy are only labels representing a category, while the nodes in a controlled vocabulary represent the words and phrases that must be found in a text.