It is a common phrase used to introduce a description of time, often in a sentence about what happened or will happen in the future.
For example:
* "Y el tiempo pasó rápidamente." (And time passed quickly.)
* "Y el tiempo nos dirá qué pasará." (And time will tell what will happen.)
* "Y el tiempo se detuvo por un momento." (And time stopped for a moment.)
The phrase can also be used in a more metaphorical sense, to refer to the passage of time as a force that changes things. For example:
* "Y el tiempo lo cura todo." (And time heals all.)
Let me know if you have any other Spanish phrases you'd like to know the meaning of!