What does 'It is finished' mean in relation to Christ's work?

'It is finished' conveys that all the prophecies, law, and sacrifices of the Old Testament have been completely fulfilled in Christ. By proclaiming this on the cross, Jesus affirmed that His mission to atone for sin and provide a means of reconciliation to God was accomplished. This phrase encapsulates the essence of the Gospel: salvation is secured, and no further sacrifice is needed. Believers can now approach God directly, as the veil of the temple was torn, symbolizing open access to His presence.