What is Khatme Nubuwwat?
Khatme Nubuwwat means that Hazrat Muhammad (P.B.U.H) is the Last of the Prophets. The process and routine of appointing Prophets and Messengers by Almighty Allah has been terminated, finished, ended, stopped, and sealed. None will be appointed as prophet after Hazrat Muhammad (P.B.U.H). His prophethood will continue until the judgement day and the day after, only that person can claim to be a Muslim who believes in Khatme Nubuwwat and confesses.
مَا كَانَ مُحَمَّدٌ اَبَاۤ اَحَدٍ مِّنْ رِّجَالِكُمْ وَ لٰكِنْ رَّسُوْلَ اللّٰهِ وَ خَاتَمَ النَّبِیّٖنَؕ-وَ كَانَ اللّٰهُ بِكُلِّ شَیْءٍ عَلِیْمًا۠(۴۰)
(The Holy Prophet) Muhammad is not the father of any man amongst you. Yes, he is the Messenger of Allah and the Last of all the Prophets. And Allah knows everything.
[Kanz-ul-Iman (translation of Quran)] (Part 22, Surah Al-Ahzaab, Verse 40)