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What it means

It means you were too late and the chance has already sailed. You had your window, dragged your feet or showed up after the cut-off, and now all you can do is watch the opportunity float away without you. People use it for deadlines, tickets, jobs, deals, dating, anything where timing was the whole game.

Usage examples

"I thought I’d snag the cheap flights tomorrow, but they sold out by lunchtime. Missed the boat, so now I’m paying full price."
"I kept meaning to apply and now the deadline has passed, I have well and truly missed the boat on that one."
"Buy the tickets today or we will miss the boat, the good seats always go within the hour."
"You had all week to buy those festival passes and now they're gone. Sorry mate, you missed the boat."
"She only replied after they'd filled the role, so yeah, she kind of missed the boat there."
Tone
Ironic Tender Youthful

Where it comes from

It comes from the plain literal idea of getting to the dock after the boat has already left. In print, the phrase shows up in English by the late 19th century and stuck because the image lands fast. You were late, the ride's gone, tough luck.

Other ways to say it

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