Here's a breakdown:
* 몇 (myeot): means "how many"
* 살 (sal): means "year(s)"
* 이세요 (i-seyo): is the polite form of "are you"
This phrase is typically used when asking someone's age in a formal setting or to someone you don't know well.
For a more casual setting or when speaking to someone younger or someone you are close with, you can use 몇 살이야? (myeot sal-i-ya?). This is the informal version of the phrase.