The phrase suggests a mindset of patience and anticipation for an outcome. The job interview went well, but I'll have to wait and see.
Pro Tip 2/3
Uncertainty Handling
Use it when you can't predict the outcome and need to accept the uncertainty. Will it rain during our vacation? We'll just have to wait and see.
Pro Tip 3/3
Colloquial Tone
Preferably used in casual conversations rather than formal or written contexts. I'm not sure if they'll throw a surprise party for me—let's wait and see.