Phrase is often used figuratively, meaning limitations due to money don't apply in this situation. In our dream vacation, money is no object.
Pro Tip 2/3
Conveys Wealth
It suggests the speaker or subject is wealthy and can afford expensive things easily. He buys luxury cars as if money is no object.
Pro Tip 3/3
Emotional Investment
The phrase can show emotional investment, prioritizing something over financial cost. For his proposal, money was no object to make the moment perfect.