Wiktionary
n. (context computing English) The bit that represents the largest fraction of a value, its position depending on the endianness of the system.
Wikipedia
In computing, the most significant bit (MSB, also called the high-order bit) is the bit position in a binary number having the greatest value. The MSB is sometimes referred to as the left-most bit due to the convention in positional notation of writing more significant digits further to the left.
The MSB can also correspond to the sign bit of a signed binary number in one's or two's complement notation, "1" meaning negative and "0" meaning positive.
It is common to assign each bit a position number, ranging from zero to N-1, where N is the number of bits in the binary representation used. Normally, this is simply the exponent for the corresponding bit weight in base-2 (such as in 2<sup>31</sup>..2<sup>0</sup>). Although a few CPU manufacturers assign bit numbers the opposite way (which is not the same as different endianness), the MSB unambiguously remains the most significant bit. This may be one of the reasons why the term MSB is often used instead of a bit number, although the primary reason is probably that different number representations use different numbers of bits.
By extension, the most significant bits (plural) are the bits closest to, and including, the MSB.
Usage examples of "most significant bit".
Each number is stored as eight bits (zeros and ones), with a one worth 128 in the most significant bit (on the left), then 64, 32, 16, 8, 4, 2, and a one in the least significant bit (on the right) worth just 1.