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1.
Great when used in a sarcastic manner as a put down following someone telling an incredibly dull story.
(boring) person #1: "i went to the shop yesterday and i wanted to get some bread, but they didn't have the bread i liked so i went to a different shop and they didn't have it either so in the end i just got a plain loaf"

person #2: "good story!"
by Anne Onymous May 29, 2006
 
2.
sarcastic way to answer up on something you really dont care about.
person 1: i just spent a bunch of money on lawn gnomes, and im going refurnish my house with grey furniture.
person 2: good story bro
by onz300 May 24, 2009
 
3.
Used to express the knowledge of a complete falsehood on the part of another.
"I schogged your mother last night."
"That's a good story."
by Mikey Mike September 12, 2003