The P value is defined as the probability under the assumption of no effect or no difference (null hypothesis), of obtaining a result equal to or more extreme than what was actually observed. The P stands for probability and measures how likely it is that any observed difference between groups is due to chance.

Being a probability, P can take any value between 0 and 1 (0 ≤ p ≤ 1).

Values close to 0 indicate that the observed difference is unlikely to be due to chance.

When P value is close to 1, it suggests no difference between the groups other than due to chance.

Thus, it is common in medical journals to see adjectives such as “highly significant” or “very significant” after quoting the P value depending on how close to zero the value is.(Source)

The p-value is widely used in statistical hypothesis testing, specifically in null hypothesis significance testing. In this method, before conducting the study, one first chooses a model (the null hypothesis) and the alpha level α (most commonly 0.05). After analyzing the data, if the p-value is less than α, that is taken to mean that the observed data is sufficiently inconsistent with the null hypothesis for the null hypothesis to be rejected. However, that does not prove that the null hypothesis is false. The p-value does not, in itself, establish probabilities of hypotheses. Rather, it is a tool for deciding whether to reject the null hypothesis. (Source)