Taraka Mantra is a popular Mantra among devotees of Lord Rama. Taraka Mantra is Trayodasha Akshari Mantra which consists of 13 syllabuses. As the name Taraka suggests, it is believed that chanting Taraka Mantra liberates the person from the cycle of the birth and death.
Taraka Mantra was first revealed to Goddess Parvati by Lord Shiva. While imparting Taraka Mantra to His spouse Lord Shiva mentioned that chanting Taraka Mantra is equivalent to chanting Sahasranama i.e. 1000 names of Lord Vishnu.
श्री राम जय राम जय जय राम॥
Shri Rama Jaya Rama Jaya Jaya Rama॥
In Taraka Mantra,
Thus, the entire meaning of the mantra is victory to God with His Shakti i.e. victory, victory to God.