Following means "coming immediately after," as in: "My birthday was Monday. The following day, I returned the following gifts: a purple cowboy hat, a stuffed aardvark, and huge rubber duckie."
To follow is to go after. If you’re watching a TV show, when it’s over you might stay on the couch and watch the following show. As a noun, following can refer to a group of fans or a bunch of people who follow someone in the sense of believing in them. A band might have a large following, and the leader of a cult also has a devoted following. On tests, you're likely to see following used to introduce information or answer choices, as in "Which of the following triangles is an isosceles triangle."