One of the tenets of relativity is to place both space and time on an equal footing. In special relativity, you will learn that not only like in Galilean relativity can one disagree on say velocities, but there is no absolute time - it is in fact also relative, motivating keeping time as having the same status as a spatial coordinate, rather than a parameter.
So, flat Minkowski spacetime is simply $\mathbb{R}^{1,n-1}$ with one timelike coordinate and $n-1$ spacelike coordinates, for an $n$-dimensional space. It has a special property however. If you think of distances in Euclidean space, we have that,
$$ds^2 = dx^2 + dy^2 + dz^2$$
as you are familiar with, from learning the Pythagorean theorem. However, in spacetime, we have to measure distances slightly differently, according to,
$$ds^2 = dt^2 - dx^2 - dy^2 - dz^2$$
or alternatively,
$$ds^2 = -dt^2 + dx^2 + dy^2 + dz^2$$
rather than taking the naive approach from Euclidean geometry. There are some profound implications from the fact that spacetime has signature $(1,n-1)$ as opposed to $(n,0)$, but this would be beyond the scope of your question.
As for why it is important, the concept of spacetime is used in the theory of gravitation known as general relativity and modern particle physics uses a framework called quantum field theory which is based on spacetime as well. However, recent developments suggest that this formulation may actually have drawbacks, but once again as for why is beyond the scope here.