One of the essential building blocks found in werewolf or shifter fiction. Most (older) stories within the genre are designed around this fictional hierarchy based on a prevailing view of how wild wolf packs operate, though this view is outdated and based on captive studies. The trope has since adapted to how wolf packs are, centered around a sense of family, with the “dominant breeders” leading a pack's daily lives. But you will find that most stories remain tied to the old views, even if it's only referring to the terminology.
Alpha is at the top of the food chain, typically male. His mate is technically also an Alpha but is typically referred to as a Luna. The Alpha is typically determined through bloodline.
Beta is second in command to the Alpha, typically the Alpha's best friend. In more recent fiction, the Luna also gets a Beta.
Omegas are the bottom of the food chain, often seen as the peacekeepers of the pack, though authors may take from Omegaverse for this role.
There are also other roles that serve different occupations. Everyone in the pack has a role and is labeled for that role and must fulfill their duty in the form of this role to serve the pack. Every role (after Alpha and Beta) is actually used pretty loosely to fit the narrative structure of each individual author. Authors will look up how a role is supposed to function within a wolf pack and then interpret from there.
Not to be confused with Alpha/Beta/Omega Dynamics (Omegaverse).
Person A: I'm reading "This Story" by Author Name.
Person B: Isn't that an Omegaverse book?
Person A: On the contrary, it's actually a shifter book using Pack Dynamics. It's about this young woman who catches the eye of the enemy Alpha-
Person B: I don't care.