value_when_true if condition else value_when_false
Better Example: (thanks Mr. Burns)

'Yes' if fruit == 'Apple' else 'No'

Now with assignment and contrast with if syntax

fruit = 'Apple'
isApple = True if fruit == 'Apple' else False
vs

fruit = 'Apple'
isApple = False
if fruit == 'Apple' : isApple = True