What is what does it mean when it says live on find my iphone?

When an iPhone shows "Live" on the Find My app, it indicates that the location being displayed is real-time and continuously updating. This means the location shown is the phone's current location, as it is reporting it in that moment, rather than its last known location from a while ago. This happens when the phone has a working internet connection (Wi-Fi or cellular) and location services are enabled.