Plain English Meaning
It's the radio channel set aside worldwide for emergencies in aviation. If a pilot is in trouble or an aircraft's emergency beacon activates after a crash, this is the frequency people listen on and call out on.
Full Definition
121.5 MHz is the international aeronautical emergency radio frequency, monitored by air traffic control, military facilities, and many aircraft for distress calls and emergency locator transmitter (ELT) signals. It is also designated as the VHF guard frequency.
Context Anchor
You may see 121.5 megahertz in emergency procedures, lost-contact procedures, and instructions to the emergency frequency.