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27.
Usually said about something that has no frills, not perfect, more than a little to apologize for (but probably NOT delineated), not much to be said for it, but offered for face value.
"Is the 1969 Nova you're offering to sell for $150 a pretty good car?"
"Well, it is what it is."
by KP: July 11, 2006
 
1.
Used often in the business world, this incredibly versatile phrase can be literally translated as "fuck it."
The client changed the deadline to today? Well, it is what it is.
by A. Danish November 27, 2007
 
2.
A) A phrase that seems to simply state the obvious but actually implies helplessness.

B) A phrase that seems to simply state the obvious but actually means "it will be what it is," as in "it ain't gonna change, so deal with it or don't." See also tough shit, oh well, cry me a river and tfb.
Meaning A
J: I can't believe the price of gas!

B: It is what it is.

Meaning B
J: It troubles me that you continue to put cyanide in my Yoohoo even after I've asked you to stop.

B: It is what it is.
by JohnnyAZ May 20, 2006
 
3.
A cliche, popular within the circles of coaches, business execs, and those of us who just want to say "It's happened. 'I'm going to forget about it. I'm going to move on. There is nothing that can be done about it."

Voted by USA Today as the #1 cliche of 2004
"We showed up and gave 100%, and it is what it is."— NASCAR driver Jimmie Johnson, after finishing second in the Nextel Cup championship. (AP, Nov. 22)

"Never in a million years did I think we would be 1-5 at this juncture, but it is what it is."— Mike Minter, safety for the NFL's Carolina Panthers, on his team's start this season. (AP, Oct. 24)

Is this a better game than before? That's what a lot of people are asking. Perhaps the more precise question should be: Is this what hockey is going to evolve into? And if so, will the fans, the players, the coaches, and the general managers embrace it as NHL hockey?
"It is what it is," said Flyers coach Ken Hitchcock. "It's a new game." (AP, Oct. 23)
by Ricky Roma October 27, 2005
 
4.
A trite, overused and infuriatingly meaningless cliche that is utilized by provincials who think they are adding some deep, meaningful insight during a discussion when all they are offering is senseless, unwarranted repetitiveness to what would otherwise be a far better conversation had they not shown the shallowness of the gene pool they spawned from by using this asininely useless and redundant phrase to begin with.
An interesting conversation is being had, when quite suddenly:

Robin: My house burned down last night. It is what it is.
Aidan: Fuck you, provincial.
by BennyKennedy April 01, 2009
 
5.
in a nutshell, it means "this is the way its going right now, and thats how it is." kind of a way to say: dont overthink the situation. a reminder to keep things simple, dont overanalyze things, or a way to put a definition on something thats hard to explain.
Friend: "So what's the deal with you and Bobby? I thought you guys were together, but then someone said you broke up, and then somebody else told me you were broken up but 'friends with benefits' So what's the true relationship status?
Girlfriend: it is what it is.
by Charlotte Kenfield December 05, 2006
 
6.
Meaning #1 A phase used to instill a sense of acceptance in a situation. It is used to remind one of the unalterable elements of life. think of " I am who I am" The phaze defines things that cannot be changed, it to say "it is this way, so we have to accept it." An apple can never be an orange, even though if you wish, hope and dream it was an orange. it IS what it IS

Meaning #2 The condition of state of the present that has to be accepted.
1.I hate the fact that I wear a size 12 shoe, but it is what it is...

2. I was ashamed to tell him that my mom is an alcoholic, but it is what it.
by Social Security August 06, 2008
 
7.
That's just the way things are, like it or not.
"I hate how the government feels like they have to monitor our every move."
"Hey, it is what it is."
by Jack324 January 14, 2009