Bibim means mixed, and bap means cooked rice, so bibimbap is literally mixed rice. The rice is combined with a variety of ingredients such as sliced beef, namul (sliced vegetables), soy sauce, gochujang (thick, deep red chili pepper paste), and a raw egg on top, cooking as it is dispersed through the steaming rice.
One of the most popular Korean dishes besides bulgogi and kimchi, bibimbap is said to have been invented out of necessity, just like many other national dishes. In Korea, there is a tradition that any leftover food from New Year's Eve should not be brought over into the New Year, so it started the practice of combining different ingredients with rice in a bowl, and bibimbap was created.