Momentous describes an important event or moment in time. It is used for a time of great consequence or for a major accomplishment, and is almost always reserved for good things.
When a moment is so great you know you'll never forget it, you have just experienced something momentous. It can be personal — perhaps the day you were named prom queen; or something historic — like the day Elizabeth was named Queen of England. Momentous and momentary share the root word moment but momentary describes just one fleeting moment in time. A momentary occurrence can certainly be momentous, but it's not always the case.