I am learning student.I need to know about this because we have to answer lab report and viber.

The 555 timer IC is an integrated circuit (chip) used in a variety of timer, pulse generation, and oscillator applications. The 555 can be used to provide time delays, as an oscillator, and as a flip-flop element. Derivatives provide up to four timing circuits in one package.

Introduced in 1971 by American company Signetics, the 555 is still in widespread use due to its low price, ease of use, and stability. It is now made by many companies in the original bipolar and also in low-power CMOS types. As of 2003, it was estimated that 1 billion units are manufactured every year.
The forward dropping voltage, or Vf, of an individual LED is very stable. Go below this voltage and the LED stops conducting. This LED is assumed to be 2.5V, pretty standard for a modern red unit. The target current is 20ma. Going though the math (using Ohm's Law) the resistor is 325Ω. Since 330Ω is the nearest standard resistor value 330Ω it is.
For the Vf of a specific device you need to refer to the datasheet, and also understand there will be some variation even within a family. Part of the reason LEDs have changed so much is their efficiencies have gone way up. A modern LED at full power can damage your eyes if held directly next to the eyeball with the light shining in. Obviously these are not toys for children. Older LEDs didn't come close to these power levels.

LEDs can also be chained to share the same current to light more than one LED. Since this current is being used twice the apparent efficiency to light these LEDs is increased. Given that the LEDs can vary their Vf it is a really bad idea to parallel LEDs directly.
The reason it is such a bad idea for parallel LEDs to share their current limiting resistor is normal variations in Vf can cause one leg to draw more current than the other. This can result in the failure of one chain over time, leaving the second chain to absorb all the current. If you have a lot of LEDs in parallel this can lead to a progressive cascade failure, with LEDs popping like corn. You might be able to get by with it, but it is definitely not good design practice.