Promiscuous mode is like when you go to a big party and you want to listen to all the conversations around you. Normally, you only pay attention to the conversations that involve you or your friends, but in promiscuous mode, you want to hear everything that everyone is saying, even if it doesn't involve you.
Similarly, when a computer is in promiscuous mode, it listens to all the data that is being sent over the network, even if the data isn't meant for it. This can be useful for tools like network analyzers, because they can see all the data that is being sent and received on a network. However, it can also be a security risk if someone uses promiscuous mode to capture sensitive information like passwords or other data that is meant to be kept private. In order to use promiscuous mode, the user usually needs permission from the network administrator or owner.