Lol is a very popular and broadly used expression you may have seen, written, or even heard. However, if you don't know what it means, here is the explanation.
The meaning of LOL is:
The acronym LOL, widely used on social media and networks, as well as in daily conversations, literally means Laughing Out Loud. It can also be interpreted as ‘lots of laughs’.
An acronym is an abbreviated form of a set of words, that are formed from a combination of both an initialism and an acronym. It comes from acros (ἄκρος - extreme) and chroma (ὄνομα - name). Its literal translation would be ‘extreme name’ or ‘specific name’. ASAP (as soon as possible), just like LOL, is an example of an acronym and is pronounced ay-sap but written as an acronym with only the first letter of each word.
So there you have it! The next time you see LOL, you know it either describes a funny situation or place, something that makes the person laugh.