This is one of the most important phrases you’ll need to know before coming to Italy. It means ‘ok’ or ‘alright’, and you’re going to hear it every 5 seconds.
Just like ‘OK’ you can use it to show that you understand what’s going on.
But there are plenty of situations where you might use it. If you can imagine all the different contexts and intonations in which we could use the word ‘alright’ in English, then va bene is the Italian equivalen.