Answer:
There are several types of voltage stabilizer. Older stabilizers utilized relays that automatically broke the current flow when voltage rised above specified level - that was done sequentially with a high frequency.
The simplest stabilizer is a Zener diode that is put in parallel, reverse-biased. When supply voltage is too high(greater or equal than diode reverse breakdown voltage) it'll sink excess current.
The easiest stabilizers to use in electronics are integrated circuits like common 7805(positive 5 V votage stabilizer). You can find a iagram of its inner circuit in 7805 datasheet at: http://www.datasheetcatalog.org/datasheets/400/249955_DS.pdf