意义 (yì yì) is a formal noun meaning 'significance, importance' (e.g., the significance of a decision) or 'meaning, sense' (e.g., the meaning of life). It is more abstract and weighty than 意思 (yì si), which is the everyday word for 'meaning' of words, opinions, or fun; and unlike 含义 (hán yì), which focuses on implied/hidden meaning, 意义 can refer to both surface and deeper significance.