The Research Screen contains a list of available technologies with pictures and discriptions. It will say after the technologies' name what level the tech has currently been researched to. The cost of researching the next level, as well as the amount of time it will take are shown under the discription. You can research the next level technology by clicking on the Research text to the right of the text.
Research can be cancelled by clicking the cancel button next to the technology before research is completed. All resources are returned to the planet's available resources.
Commander Only Edit
It will show a resource in Red if you do not have enough of that particular resource. It will also tell you how long you will have to wait at current mine production before you can research that technology.