It means the greater vehicle.
The school is more liberal and believes in the heavenliness of Buddha and Bodhisattvas embodying Buddha Nature.
The ultimate goal under Mahayana is “spiritual upliftment”.
The Mahayana followers believe in idol or image worship of Buddha.
The concept of Bodhisattva is the result of Mahayana Buddhism.
Mahayana is also called “Bodhisattvayana”, or the “Bodhisattva Vehicle.
That is to say, the followers believe in the Bodhisattva concept of the salvation of all conscious individual.
In other words, they believe in universal liberation from the suffering of all beings.
A bodhisattva seeks complete enlightenment for the benefit of all beings. A bodhisattva who has accomplished this goal is called a Samyaksaṃbuddha.
Prominent Mahayana texts include Lotus Sutra, Mahavamsa, etc.
As per Lotus Sutra, Mahayana school believes in six perfections (or parameters) to be followed by an individual: Dana (generosity)
Sila (virtue, morality, discipline and proper conduct) Kṣanti (patience, tolerance, acceptance) Virya (energy, diligence, vigour, effort) Dhyana (one-pointed concentration)
Prajna (wisdom and insight)
As per scholars, one of the sub-sects of Mahayana being developed in the later periods was Vajrayana.
The Mahayana scholars predominantly used Sanskrit as a language.
Emperor Kanishka of Kushana dynasty is said to be the founder of Mahayana sect of Buddhism in 1st century AD.
Presently, the majority of the Buddhist followers in the world belong to Mahayana sect. (around 53.2% as per 2010 report) Other countries following it includes Nepal, Bangladesh, Japan, Vietnam, Indonesia, Malaysia, Singapore, Mongolia, China, Bhutan, Tibet, etc.