Lit usually means something is plain out awesome, exciting or going down. People say "It's lit" when something awesome is going on
"Dude that party was so Lit last night."
Something that's lit is something this is hype or fun.
Taylor! That party was so lit!!!
Lit' is a prison term, or gang reference short for literature, that is used by gangs, to discribe if something is gangster.
Usually this word is used for parties. Instead of saying it was fun or its fun we say lit
A term used to describe something that is exciting or cool. Can also be used to describe someone who is drunk or high.
Joe: *does cool trick*
bob: THAT WAS LIT!!