Imagine you are playing with a toy car and you want it to keep moving even when you let go of the button that makes it go. That's exactly what a latching relay does! It's like a switch that you can turn on with one button, and then it stays on until you press another button to turn it off.
A latching relay is like having two switches in one. The first switch is called the "set" switch, and when you press it, it turns on the relay. The second switch is called the "reset" switch, and when you press it, it turns off the relay. Once you press the "set" switch, you can let go and the relay will stay on until you press the "reset" switch.
This kind of relay is useful in situations where you need to control something that needs to stay on or off for a long time, but you don't want to keep holding down a button to keep it that way. For example, you might use a latching relay to control the lights in a room. You press the "set" button to turn the lights on, and then the relay stays on until you press the "reset" button to turn them off.
So, in summary, a latching relay is like a special kind of switch that you can turn on and off with two buttons, so that it will stay on or off until you decide to change it.