A ranking on a search engine is a web page’s listing and relative placement on a results page (known as a SERP) for a certain search query. As an example, if you type “house plans” into the search box at Google, you will get those listings displayed (10 listings per page by default) that Google deems most relevant to the search phrase house plans, sorted in order of relative importance.
The most relevant and most important web pages are listed in descending order. For Google, page relevancy is dependent on how well a web page “matches” a specific word search. Page importance on the other hand is dependent on the quality and quantity of links that point to your web page from other websites.
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