Answer:
From the name Canis lupus, one can find that the organism is a wolf. Canis is a genus meaning "dog". Lupus is the species meaning "wolf". So in short, Canis Lupus means "dog wolf".
One reason scientist use scientific names is to avoid confusion. For example, there are many species of bass, a fish, but there's only one kind of Micropterus salmoides, or a Largemouth bass for short.