Neutral Evolution (drift): dN/dS ratio = 1 implies there has been equal numbers of synonymous (dna substitutions that do not affect the protein sequence) and non-synonymous changes (dna substitutions that do affect the protein sequence) during the time between ancestral to the modern versions of the protein.
Positive Selection (adaptive evolution): dN/dS ratio > 1 implies there has been more non-synonymous changes than synonymous changes. There has been evolutionary pressure to escape from the ancestral state - i.e. positive selection pressure. This can occur for example in paralogues that are required to serve a novel function, or in proteins of parasites that need to escape host immune recognition (e.g. changes to avoid MHC-1 binding to evade T-cell attack).
Negative Selection (conservation): dN/dS ratio < 1 implies there has been more synonymous changes than non-synonymous changes. There has been evolutionary pressure to conserve the ancestral state - i.e. negative selection pressure. This can occur for example in orthologues that are required to maintain (conserve) some function encoded in the protein sequence, since changes from this state would lead to disruption of function.