The phrase emphasizes personal preference or enjoyment in an activity or thing, varying from person to person. I don't like fishing, but if it floats your boat, go for it!
Pro Tip 2/3
Informal Usage
Often used in casual or informal settings rather than formal or professional ones. You want to wear stripes with polka dots? If it floats your boat!
Pro Tip 3/3
Tolerance
Can suggest that while the speaker may not share the same enthusiasm, they accept the other person's choice. Playing chess all weekend isn't my thing, but if it floats your boat, that's fine.