A coronation is a ceremony that gives a monarch regal or royal power or recognizes that power. The power is symbolized by putting a crown upon his or her head. We say that the king or queen is "crowned" at the coronation.
The ritual with anointing may have a religious meaning. Coronations are not as common now as in the past, although in some countries such as Great Britain it is still normal to hold the ceremony to install a new king or queen.