It has two meanings, "it doesn't matter" or "everything will be ok" (but is not the literal translation, but is the same meaning, the literal translation would be "nothing happends". I hope I could help you!

There is nothing amiss.

You can use the phrase when you think that everything will be ok.

Let's say you're apologizing for running a few minutes late to a meeting. "no pasa nada" is a common response, especially in Spain. It can almost be thought of as "nothing bad is going to happen"

It means "it doesn´t matter"