A Multiplayer Loadout is composed of two weapons. Usually, this is a Primary Weapon and a Secondary Weapon, although the Gunner Vest and Commando Vest allow you to have two Primaries on a Loadout.
As the name suggests, the Primary Weapon is usually the main method of dealing damage and often determines the role an Operator is best suited for in combat. A Secondary Weapon is useful for utility purposes — eliminating Killstreaks, one-shotting players with a swift blow, or something to quickly switch to when the Primary Weapon runs low or out of ammunition.