It’s a “game” that takes place on an infinite 2D grid of cells, where the state of the game (which cells are live and which are dead) evolves at each step according to a simple set of rules.
The rules are pretty simple, you can read [Wikipedia](https://en.wikipedia.org/wiki/Conway%27s_Game_of_Life) for the rules and how it works.
The significance of it is that it’s [Turing complete](https://en.wikipedia.org/wiki/Turing_completeness) (it’s a model of computation that can compute anything a Turing machine can), meaning it can simulate a computer.
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