Literally means "next to last". In street speak it takes on the meaning "second to none" or simply used to describe something utterly appeasing. It is easy to get away with using this word because of it's confusion with "ultimate" by those who don't know any better.
Yiee yiee, this be da penultimate shiee here.
by Patrick January 6, 2004
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While usually meaning the second to last, it has also been used to mean the absolute best, or most ultimate.
Lord of the Rings is the penultimate fantasy series.

''V is the most important letter in love, it's like penultimate.''
by Danth0ny April 11, 2014
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(adj.) Last but one in a series of things, second to last
by September 15, 2020
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I read about this once...some future-past, past-present-old thing from this scifi book. Sort of a "mythos" deal. Something about a quantato? I don't know. Quote is from a book report on the deal I wrote as a kid.
And then the man used a machine. It made the potato angry, which hurt the bad men and the machine was caled (sic) a "penultimator". I don't think it was good though.
by I. Lohmax May 23, 2005
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Every good college has frats and sororities, but only Harvard has snotty final clubs. Final clubs are frats you can't rush, and made entirely of millionaires. Penultimate clubs are a grass-roots Harvard reaction. Lets bring the party and the booze back to the masses!
The Enhydra club, a penultimate club in Eliot house is taking applicants; no rich final club assholes need apply.
by The_Hogfather March 15, 2009
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The next to last ultimate pen used for keeping score in ultimate frisbee; decorated with pictures of Sean Penn; purchased at the University of Pennsylvania.
Because that would be your penultimate Penn ultimate ultimate Penn pen.
by neebnoob18 June 3, 2014
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The cars are just going into the semi-penultimate lap.
by Thorongil June 18, 2013
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