It's a Latin phrase, originally a technical legal term, which now has an everyday meaning. It means "as before" or "with no changes."
"The United States Supreme Court had a 5 to 4 conservative majority. With the death of Justice Scalia, the court became evenly split, 4 to 4. The appointment of conservative justices Gorsuch brought the balance back to 5 to 4, restoring the status quo."
In everyday use, it often carries a negative sense: the status quo needs to be changed.
"US carmaker General Motors manufactured an electric car in 1996, but ended production in 1999 even though customers liked them. Their thinking was: 'our old cars are very profitable, electric cars aren't, why disrupt the status quo?'"