Used in casual conversation among friends, not in formal settings. I just saw the new superhero movie; it's the business!
Pro Tip 2/3
British Origin
It's a British slang phrase, more common in the UK than other English-speaking countries. You've got to try the fish and chips at that shop – they're the business!
Pro Tip 3/3
Positive Emphasis
Stresses that something is exceptionally good or impressive. Her performance in the play was the business, everyone loved it.