A Secret Phrase, or Secret Recovery Phrase, is a sequence of words provided to you when setting up your new wallet. This phrase is the only way to recover access to your wallet if you forget your password or need to install your wallet again. Write it down immediately upon creating your wallet, and don't lose it.
Whenever you create a new wallet, it will automatically create a new random Secret Phrase which has never been generated before. This is the only way to recover the Private Key and to recover your wallet. If you lose your device or it gets reset, you will not be able to recover your funds without your Secret Phrase. That's why it's very important to backup your Secret Phrase physically and keep it somewhere safe.
The GameStop Browser Extension Wallet will also ask you to create a short password to lock and unlock your wallet during daily use. Do not confuse your password with your Secret Recovery Phrase.