Terma are "treasures": teachings, texts and objects held in the Nyingma and Bon traditions to have been concealed, chiefly by Padmasambhava and Yeshe Tsogyal in the eighth century, for discovery at the moment when they would be needed. The discoverer is a terton, a treasure revealer, understood to be a rebirth of one of Padmasambhava's disciples and to have been prophesied in the concealed material itself.
The tradition distinguishes earth treasures, physical texts and objects recovered from rocks, lakes, pillars, temples and statues, from mind treasures, which arise directly in the revealer's mind without a physical object. A characteristic mechanism is the yellow scroll inscribed in dakini script, which functions as a mnemonic key: a few symbols trigger the recollection of a far longer teaching received in a former life. The Bardo Thodol, known in English as the Tibetan Book of the Dead, is a terma revealed by Karma Lingpa in the fourteenth century, and the Longchen Nyingthig, revealed by Jigme Lingpa in the eighteenth, is among the most influential bodies of Tibetan practice.
The rationale the tradition gives is explicit. Treasures keep the teaching fresh and adapted to the time of revelation, delivering it in a form suited to circumstances that Padmasambhava is held to have foreseen; and they shorten the transmission lineage between source and recipient, which is presented as an advantage over long lineages in which corruption might accumulate.
The practice has been contested since it began. Critics within Tibetan Buddhism, chiefly from the schools of the later diffusion, argued that terma are new compositions presented as ancient revelation, and applied to them the criterion of demonstrable Indian origin. Defenders replied that such a criterion would exclude a good deal that all schools accept, and that treasures are authenticated instead by their doctrinal content, by the qualifications and conduct of the revealer, and by the results of practising them; institutional procedures for validating a terton and his revelations developed in response.
Historians and text-critical scholars generally describe terma as a genuine and highly productive mechanism of continuing revelation operating within a tradition whose canon is formally closed, and note that functionally comparable mechanisms, pseudonymous attribution, revealed continuation, recovered scripture, appear in many religious traditions. That description is compatible with the tradition's own account and deliberately does not adjudicate it.