Synchronized brain waves have long been associated with meditative and hypnogogic states, and audio with embedded binaural beats has the ability to induce and improve such states of consciousness. The reason for this is physiological. Each ear is "hardwired" (so to speak) to both hemispheres of the brain (Rosenzweig, 1961). Each hemisphere has its own olivary nucleus (sound-processing center) which receives signals from each ear. In keeping with this physiological structure, when a binaural beat is perceived there are actually two standing waves of equal amplitude and frequency present, one in each hemisphere. So, there are two separate standing waves entraining portions of each hemisphere to the same frequency. The binaural beats appear to contribute to the hemispheric synchronization evidenced in meditative and hypnogogic states of consciousness. Brain function is also enhanced through the increase of cross-collosal communication between the left and right hemispheres of the brain.
While the physiological and psychological processes being uncovered by brain science in the study of brainwaves is sometimes complex and still being investigated, certain basic principles are well-established, easily understood, and helpful for achieving the most effectively use of brainwave entrainment when seeking relaxation, improved sleep, lowering of anxiety, or other goals. This important background information and scientific knowledge presented here includes: 

Brain Wave Entrainment is any procedure that causes one's brainwave frequencies to synchronize with a periodic stimulus (sound, vibration or light) having a frequency corresponding to the intended brain-state (for example, to induce a trance, dreams, sleep or relaxation.) It is also called the Flicker-response because of how staring at a campfire or the flickering of a burning candle can lull you into a state of calmness and serenity. There was an extensive article on this phenomenon by Gerard Oster in Scientific American in 1973. It may sound novel, but in many ways, this is old tech. 

If brainwave entrainment leaves you with unwanted side-effects (see below) or discomfort, you’re probably encouraging a range of brainwaves that are already excessive in some area of your brain. The way around this is to get a brain map to see what your brain’s strengths and weaknesses are, and see what (if any) brainwaves could use some encouragement.