Here is a quick wikipedia explanation as to why it is so important:
The Rosetta Stone is a fragment of an Ancient Egyptian granodiorite stele, the engraved text of which provided the key to the modern understanding of Egyptian hieroglyphs. The inscription records a decree that was issued at Memphis in 196 BC on behalf of King Ptolemy V. The decree appears in three texts: the upper one is in ancient Egyptian hieroglyphs, the middle one in Egyptian demotic script, and the lower text in ancient Greek.

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