Imagine you are drawing a picture of a person. You start by making a circle for the head and then draw the body. When you draw the part where the waist is, you might make it smaller to show a difference between the top part of the body and the bottom part.
Well, some people think that a very small waist is very pretty. They call it a "wasp waist" because it's like the waist of a wasp (which is a type of insect). When people want to have a wasp waist, they sometimes wear special clothes that make their waist look smaller or they try to exercise a lot to make it smaller. Some people think it's not healthy to have such a small waist and prefer to just be healthy and comfortable.