A Keyframe Animation is an animation that is mainly controlled through a function called Keyframes. Keyframes are similar to timestamps, You set a keyframe for when you want a specific action to stop and for the next one to begin.
Example: My object will move from place A to Z. Keyframes allow me to move the object or make it do actions between the objects A to Z movement. The object starts at the top and the ending animation it ends at the bottom, keyframes allow me to animate my object to move to the left before then going to the bottom.
The setting can be found under the Start and End Animation drop-down menus when selecting an object, on the right side of the editor under Object tab and then under Animation Options tab.