Translation: 'The First One' or 'The Beginning'.
Explanation: Al-Fatihah is the name of the first chapter of the Quran (this chapter has many other names though). Imam Bukhari** (r) says this chapter is called 'The Beginning' because Allah (aw) has placed it at the beginning of the Quran and the beginning of all prayers.
*Bold text indicates stressed syllable.
**As mentioned in Tafsir Ibn Kathir.