even Death flinches

in short ,just mean fearless about death.

死神 the god of death 也 also 望 face and see something 而 but (there exists the meaning of "and," "so"as well ) 却步 stop their step(it means "fear") So, this sentence means that even the god of death is scared of someone or someone. And it is usually used in the condition that someone is crazy, or bold enough to get involved in something dangerous.