Massive is not slang. It is an actual word that means... well, *massive*. When we use it colloquially, it is often an exaggeration of something large. A lot of times, something massive is just that, massive, but can be subjective depending on how big something should be in comparison with something normal.
Examples:
He has a massive nose. (Larger than normal, but not exactly a nice thing to say.)
Jupiter is massive compared to Earth. (Jupiter is massive, so this is quite true.)