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It means the same thing as holy shit or jesus christ, basically it's a muted and politically accepted reaction to seeing a gorgeous woman.
A ravishing woman walks into a room.
A guy looks at her and says Holy Moly look at her.
by Blake Southwood September 13, 2003
a term often used instead of and meaning "holy shit" either by a young person in front of there parents to avoid getting an ass whooping or by a young person in front of peers as a term of surprise, shock.
"holy moly did you see the speed of that car?"
by xman2007 May 08, 2006
A variation on the Mexican "Mole" sauce. The phrase was coined to describe a Mole sauce which was so purely hot that it cleansed not only your bowels but your soul as well. However over time the meaning changed to mean simply a frightfully shocking occurrence.
"This salsa will burn it's way in and out!"
"Holy moly!"
by the79bomb October 07, 2009
A religious drug addict, especially one that cranks the beat up.
Father, you are one holy moly, AND I NEED THE CRACK ROCK.
by Mish July 01, 2004