LOLLY Meaning of LOLLY in English n. (pl. -ies) 1 colloq. a a lollipop. b Austral. a sweet. c Brit. = ice lolly. 2 Brit. sl. money. [ abbr. of LOLLIPOP ] Concise Oxford English dictionary. Краткий оксфордский словарь английского языка. 2012