Meaning:

“老” means “old,” “戏” means “drama,” and “骨” means “bones.” This term, originating from Hong Kong dialect, refers to show biz veterans who are dedicated to acting and revered for their excellent performances in TV shows and/or movies. These people, in contrast to popular young actors (called “小鲜肉”), have had a long career in show biz and are often well known for certain roles they played.

Example:

A: 今年有部连续剧特别火，叫《人民的名义》，你看过吗？

Jīnnián yǒu bù liánxùjù tèbié huǒ, jiào 《rénmín de míngyì》, nǐ kàn guò ma?

There’s a very popular TV series called “In the Name of People” this year. Have you watched it?

B: 一直没空看呢。

Yīzhí méikòng kàn ne。

I haven’t got time for it yet.

A: 一帮老戏骨演的，被某些评论家称为中国版的

《纸牌屋》。

Yībāng lǎoxìgǔ yǎn de, bèi mǒuxiē pínglùnjiā chēngwéi zhōngguó bǎn de 《zhǐpáiwū》。

It’s considered by some reviewers to be the Chinese version of “House of Cards.” It casts a lot of veteran actors and actresses.