It means to remain popular, important, or useful over a long period of time.

izdržati test vremena; odoljeti zubu vremena; potrajati

 

This book was written 100 years ago, but it has stood the test of time and is still read by many people today.

The company’s products have stood the test of time because they are well made and easy to use.

His advice about living frugally has stood the test of time. It still helps me make good choices today.