The e/m radiation from the sun travels through space and reaches the planet Earth in the form of sunlight. When it arrives the atmosphere, a part of the energy/radiation is absorbed by the atmosphere, clouds, aerosols and the Earth's surface, where it is converted into heat. Another part is also reflected back into space.
In its life cycle the Sun goes through various stages. It's currently in the main sequence phase, where nuclear fusion occurs, converting hydrogen into helium and releasing high amount of energy in the form of light and heat. Over time, when its hydrogen fuel is exhausted, it will expand into a red giant, fusing heavier elements until it sheds its outer layers, forming a planetary nebula.
Ultimately, it will end up as a white dwarf, gradually cooling off and becoming less luminous as it uses up its remaining energy.