Liberation, at its most basic, is the act and process of freeing oneself and others from oppression. It is also its own outcome: the state of being liberated.
For myself, liberation involves deconstructing cycles, systems, and structures which perpetuate violence against and exploitation of the oppressed and prevent people (oppressed *or* oppressor) in communities and broader society from living as their fullest selves. Liberation, for me, incorporates healing justice and provides for collective wellbeing.