This phrase uses exaggeration to express extreme hunger but isn't meant to be taken literally. I missed lunch today, and now I could eat a horse!
Pro Tip 2/3
Informal
It's a casual expression, suitable for informal situations, but too colloquial for formal contexts. Guys, let's get pizza. I could eat a horse right now!
Pro Tip 3/3
Cultural Sensitivity
Some cultures might find the idea offensive. Be mindful of the setting and who you're talking to. Be careful saying 'I could eat a horse' in a country where horses are revered.