The phrase "it ain't over 'til the fat lady sings" is used to remind people that anything can happen until the very end. Even if it seems like something is certain to happen, there is always a chance that something will happen to change the outcome. This phrase is often used in sports, politics, and other competitive situations.
There is no one definitive answer to the question of who the fat lady is. Some people believe that the fat lady is the soprano who sings the final aria in an opera. Others believe that the fat lady is simply a metaphor for the unknown. No matter who she is, the fat lady is a reminder that anything can happen, and that it is never over until it is over.