You trade some freedoms of the OGL in order to use the d20 logo and some trademarked terms on your product. You cannot include rules for character creation, that is describing the process of picking race and class, rolling for ability scores, etc. However you can indicate that the players should use new races and classes during character creation, and you can define those as well as new feats, skills, etc. You cannot describe the effects of experience on a character. You cannot change the definition of a variety of game terms such as AC, conditions like Nauseated, all the alignments, and other such things. You cannot use "Core Book" or synonyms like "Core Rulebook." You cannot include miniatures with the product. You also have to designate at least 5% of a product's text as Open Content under the OGL, and you have to either include the d20 logo on the product or, if it's a text file, include the words "A d20 System Licensed Product". You must use one of a few specific paragraphs saying that your product requires the PHB, d20 Modern Roleplaying Game, or other WotC product, and you must include a few specific paragraphs that indicate the ownership of various trademarks by WotC and Hasbro.
It's all there in the d20 System License and the d20 System Guide. You can find them on WotC's website.