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Summary from Wikipedia:
The President of the United States is elected to have that position for a period, or "term", that lasts for four years. The Constitution had no limit on how many times a person could be elected as president. The nation’s first president, George Washington chose not to try to be elected for a third term. This suggested that two terms were enough for any president. Washington’s two-term limit became the unwritten rule for all Presidents until 1940.
In 1940, President Franklin Delano Roosevelt won a third term. He also won a fourth term in 1944. Roosevelt was president through the Great Depression of the 1930s and almost all of World War II. He held approval ratings in the mid-50% to the low 60% ranges over his many years in office. Roosevelt died of a cerebral hemorrhage in April of 1945, just months after the start of his fourth term. Soon after, Republicans in Congress began the work of creating Amendment XXII. Roosevelt was the first and only President to serve more than two terms.
The amendment was passed by Congress in 1947, and was ratified by the states on February 27, 1951. The Twenty-Second Amendment says a person can only be elected to be president two times for a total of eight years. It does make it possible for a person to serve up to ten years as president. This can happen if a person (most likely the Vice-President) takes over for a president who can no longer serve their term. If this person serves two years or less of the preceding President’s term, he or she may serve for two more four-year terms. If he or she served more than two years of the last President's term, the new President can serve only one full four-year term. Under the language of the amendment, the President at the time of its ratification (Harry Truman) was exempt from the two-term limitation. Truman served nearly all of Roosevelt's unexpired fourth term and then was elected President once, serving his own four year term.
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