Plain English Meaning
The lowest you are allowed to go, and the worst weather you are allowed to fly in, when flying a specific instrument approach to a runway. If you reach that point and still cannot see the runway, you must go around.
Full Definition
The lowest altitude and, where applicable, the lowest visibility or runway visual range at which a pilot is authorized to descend on a published Instrument Approach Procedure. These values are charted on the approach plate and depend on the aircraft category, the type of approach (precision, non-precision, or approach with vertical guidance), and the in use. If the required are not in sight at the published , must execute the .