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ABS stands for (Anti loc Braking System)
This system is designed to not allow your wheels to lock up in an emergency stop situation. It will get the car to slow down as fast as possible without stopping the wheels completely.
This is because locking the wheels up under hard braking does not allow you to steer out of an accident. If the light comes on it is because the computer has found an issue with this system.
DON'T WORRY YOU STILL HAVE BRAKES!! Though there is a good chance the Anti lock feature of the car may not work when you need it if this light is on. You will still have normal stopping power