It means, essentially, what it says; that ‘this is important, ignore subsequent rules, and any usual specificity issues, apply this rule!’
In normal use a rule defined in an external stylesheet is overruled by a style defined in the head of the document, which, in turn, is overruled by an in-line style within the element itself (assuming equal specificity of the selectors). Defining a rule with the !important ‘attribute’ (?) discards the normal concerns as regards the ‘later’ rule overriding the ‘earlier’ ones.