The word "internet slang" is now too popular for "laughing out loud," as the Oxford English Dictionary recognized in March. However, not all of us are from the same hymn sheet. What does lol stand for? LOL is for smiling and a common feature in Internet slang. Lol is a popular Internet Slang element. It was initially used almost exclusively on Usenet but is now common in other modes of computer networking, as well as in face-to-face communication.