Objective Reality: The world exists on its own, independent of our wishes, feelings, or desires.
Objective Reality refers to the idea that reality exists independent of our minds. If you want to know reality, you have to go out and look. Our wishes about what we'd like it to be don't affect it. It exists on its own.
The phrase has sometimes caused confusion because the term 'objective' refers to how a person keeps his knowledge tied to reality. It's a characteristic of a thinking entity. So why use this trait on something that is not conscious? It's used loosely to contrast it to a "subjective reality", where the world around us is just a figment of our imagination, or the product of our desires. It doesn't imply that reality is conscious or thinking, only that it exists outside of our minds.