Sri Devi refers to Shakti, the Divine Mother. Word 'Khadga' means Sword, 'Mala' means Garland, Stotram means a hymn or song of praise. So the Khadgamala Stotram is a hymn sung in the praise of Divine Mother, which is said to bestow a protective garland of mystical weapons from the Devi from all sorts of Calamities upon those who recite it.