As a noun, it can mean a fast airplane powered by jet engines or a strong stream of liquid or gas. As a verb, it means to travel quickly, especially by jet plane.
From French “jet,” meaning “a throw” or “a gush,” from Latin “jactare,” meaning “to throw.” The idea of something being thrown forward became the image for streams of fluid and later for jet engines pushing planes through the air. The airplane sense became common in the mid-20th century.
A jet engine works by throwing air backward so hard that the plane gets pushed forward—the same basic idea as a balloon letting air rush out. That’s why the old meaning of “jet” as a gush or spurt still fits the physics. The luxury image of “jet-setting” hides a very loud, violent blast of air behind the scenes.
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