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] English main colloquial, spoken dictionary. Английский основной разговорный словарь. 2012