That means the person whom you gave advice to wants you to follow your own advice.

An equivalent is, "practise what you preach!"

This is usually an answer to advice you have given someone else and they know that you don't follow it yourself. For example, if you are overweight and tell your friend that she should lose weight, your friend will say: "take your own advice"

Basically, if a rude person tells you be more polite, then you can say to him: "Take your own advice." If I give you advice, and you follow it then "you take my advice".

When somebody says to you the same thing over and over again about anything like: eat your food, eat your food, eat it !! blabla !! and someday you discover this person is sick because she/he was not eating properly. Then you could yell : TAKE YOUR OWN ADVICE ! or... Sometimes we are perfectly aware of what is happening and we know which path we have to choose or what we should do, but we are weak, not strong enough to follow what we already have in our heads... we know the answer... we know that we know the answer and we refuse to follow our own advice, generally because of fear. ^^ "Advice is what we ask for when we already know the answer, but wish we didn't" --- Alice in Wonderland.