An automorphism is an isomorphism from $K$ to itself. That is, a bijection from $K$ to itself which preserves all the relevant algebraic structure. You might imagine an invertible matrix viewed as a function from a vector space to itself.
An involution is a function which is its own inverse. You might imagine a reflection, or a rotation by $180^\circ$.
So an involutional automorphism is an isomorphism $*$ from $K$ to itself such that $**x = x$.
As a concrete example, consider $\mathbb{C}$ with the complex conjugation operation $z \mapsto \overline{z}$. I will leave it to you to check that this is
- A nontrivial field isomorphism from $\mathbb{C}$ to itself (it preserves all the field structure)
- Involutional, in the sense that $\overline{\overline{z}} = z$.
As another example, consider the matrix
$$A = \begin{pmatrix} 0 & 1 \\ 1 & 0 \end{pmatrix}$$
which we view as a function from $\mathbb{R}^2$ to itself. The fact that this is invertible and linear means exactly that it is an automorphism of $\mathbb{R}^2$, and the fact that it is its own inverse ($A^2 = I$) means it is an involution.
I hope this helps ^_^