The phrase is taken from the Bible story in which the Lord promises to bring the Israelites out of Egypt and into a land flowing with milk and honey. Maybe you know it? In other words #lerniwords: Land of milk and honey is an imaginary place where there is more than enough of everything. Sometimes people emigrate to the United States thinking it is the land of milk and honey.
Definition: a perfect place, utopia.
Example: as for me any desert island would be the land of milk nad honey.