The story
From lady + in + waiting (“attendance, service”). (Waiting in the sense of a waiter, not passing time.)
Etymology from Wiktionary, CC BY-SA 4.0.
Today it means: A lady, often a noblewoman, in the household of a queen, princess, or other woman of higher rank who attends her as a personal assistant, generally a role considered an honour. Full definition →
From lady + in + waiting (“attendance, service”). (Waiting in the sense of a waiter, not passing time.)
Etymology from Wiktionary, CC BY-SA 4.0.