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Originally meant "laughing out loud," but according to linguist and 'TED Talks' guest, John McWhorter, "lol" eventually came to be used as a pragmatic particle or verbal space filler, if you will, before finally evolving to it's current state of popular use as a marker of empathy, accommodation, or understanding, quite often of something that isn't a great thing.
Nowadays when people say "lol," you can obviously see that it no longer means "laughing out loud," and that it more likely means something like "Well shit! The struggle is real but the thing you're talking about probably won't turn out 'too' bad compared to, oh I dunno, literal Satan, for example."
Obbapobble Sobbucksdobbicks: "Dude, I just dropped my phone in the daaaayme toilet again, and right on top of a tuuurd this time!"

Trobbumps Obbafobbag: "lol damn, dude! That suurrrks! I've done that so many times!"
Related Words
löl Lola lolo lolz lollipop loli lolly Lolita lolcat Lolicon
Laugh out loud
Lol that was so funnnyyy
Lol by Cristal the cat October 12, 2016
Lol
Lol
Lol by Ninjas poop too October 7, 2016
LOL = laugh out loud

to laugh at something
used it social media
Jake:ha it looks like a hippo
josh: LOL it does
Lol by PokemonMaster466 September 24, 2016
LOL an abbreviation for "Lots of Love"
It is nice to say to family and a girlfriend/boyfriend, mostly used in text messages
Sometimes used in speech.
"Good night babe, LOL"
"You too cya in the mornin'."
LOL by Jmanyea08 September 21, 2016
A commonly used phrase when texting. Stands for Laugh Out Loud.
Lol by AnnoyingProfessor September 8, 2016