It means "My mother".
1. In Italy it is used to represent stupor, impression, fright.
2. It's also used to complain
In English leanguages it's used when an Italian player enter into a english lobby of a game so start "Mamma mia! Pizza, mafia, mandolino!"
1. Mamma mia! Cos'è!? (Mamma mia! What is it!?)
2. Mamma mia... che palle! (Mamma mia... how boring!)