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1. Declaring the state of being "On".

2. A phrase coming from the greatest TV series in the galaxy: "South Park".

3. pneumonoultramicroscopic - silicovolcanoconiosis.
It's on you pig scraping, rectal gut, lolly-gagging, apple husking, sour-dust snorting, tick biting, family guy watching avacado hand roll.
When one male puts his excretion on his penis and rubs the liquid over the tip of his penis to the ballsack and lubricates the genitals thoroughly, the point of masturbation has commenced to which there is no turning back.
As I went on that girls Instagram account and saw all of her nudes, i spit on my dick and started jerking off. I knew it's on and had the most longest masturbation and dry est mouth of my life
It's on by Dsel123 May 8, 2014
a closure synonym:bye, c u l8ter, etc. (only raw people say this)
I'm bout to go, it's on yall!
it's on by #1ThirstBall February 2, 2005

It’s on sight 

A phrase you use to tell a person once you see them no word will be spoken, but hands will be thrown
I swear if she keep talking crap about me, it’s on sight
It’s on sight by Dark_KÍng March 8, 2020

it's on me 

This means that the person speaking will pay the whole amount, used typically when something purchased is shared between two or more people - such as a resturant meal.
Dinner was $40 - here is my $20.
No, keep your money, it's on me.
it's on me by Anonnny March 4, 2008

It's on like Alderaan 

A star wars fans way to express "it's on". Same meaning as "it's on like donkey kong". Just relates to star wars instead.
Luke: Are you going to the screening of the next "insert George Lucas next star wars movie here"?

Sith Lord: O yea, it's on like Alderaan!