LOL is an abbreviation of Laugh Out Loud or Laughing Out Lout. It is the most popular and commonly used slang on social media while chatting with friends. LOL is used when someone finds an extremely funny and amazing thing and if he wanted to laugh too loud then he uses it. It is most likely to be used when one of your friends shares a Meme or Funny clips with you. Sometimes people use emoji instead of LOL. There are some other alternates used with it like OK, OMG, ROFL, LMAO etc. And so it gradually becomes very popular. Then it was included in the Oxford Dictionary.
But people have figured out a lot of full form of lol by themselves during conservation or chatting.
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