Yes, it means each person pays their own expenses. In a restaurant for example you pay for the meal you had and your date pays for his. You can also use the phrase "going Dutch".

Hi 文静, We use this phrase when two or more people are paying for something. When they "split the bill", each person pays a portion of the cost. They may choose to split the cost evenly or accordingly to how much they ate (if it was a meal), used (if it was a service) or owned (if it was a product). If you were on a date, you can "split the bill" by paying for your share of the expenses for activities such as a meal, movie tickets, shopping items and so on. Hope this helps. Cheers, Lance