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1.
Slang term meaning "It's all good."
"Hey man, we didn't make the finals, but it's all g" or
"I know it sux now, but it'll be all g again soon"
by The Lock June 16, 2012
 
2.
Its all good. The G stands for 'Good'. Also known as 'Its all gangster'
Guy1: Its all g homie

Guy2: Aight Dawg
by howwasyourday April 21, 2013