Plain English Meaning
To let the higher-pressure air inside the cabin out, so the inside and outside pressures match.
Full Definition
To deliberately reduce the air pressure inside a pressurized aircraft cabin so it equals the outside ambient pressure. This is done by opening outflow valves, shutting off pressurization air sources, or climbing/descending to an altitude where the pressure differential is zero.
Context Anchor
Seen in emergency procedures for pressurized airplanes, including smoke, fire, and cabin-pressure problems.
Derivation
Built from 'de-' (Latin, meaning 'remove' or 'undo') and 'pressurize' (to add pressure). So it literally means 'to undo the pressurization' — to take the added pressure back out.