Is the below sentence grammatically correct?
The properties of this material have been brought into wide applications
What does "have been brought into" mean?
The sentence is grammatically correct, but it actually technically does not make sense as-is, because an "application" is not something that things would typically be "brought into". It is close enough that we can probably guess the intended meaning, however:
To address your second question first, have been brought into is the past perfect passive form of bring into (past perfect: bring -> have brought; passive: have brought -> have been brought). "to bring (something) into (somewhere)" can be used to talk about physically taking something to (inside) some location, or it is also often used metaphorically to talk about taking some concept and using it in some new context or area, for example:
bring new computer modelling techniques into the field of biology
However, "bring into" can also be combined with (certain) nominalized verbs (a verb that has been turned into a noun form) to express the idea of causing some action to occur, for example:
bring (something) into being --> to cause something to exist
bring (something) into use --> to cause something to be used
Going back to your original sentence, I suspect the author was slightly mixing up the metaphorical "bring into" and the "causing to occur" sense, because in this case they both have somewhat similar feelings to them, but technically a more correct way to say it would have been:
The properties of this material have been brought into use in wide applications.
Though "wide applications" is also almost certainly technically not what was meant either. What the author presumably meant was actually:
The properties of this material have been brought into use in a wide variety of applications.
Which then means that:
(unspecified people) have caused the properties of this material to be used in many different kinds of applications.