A palace is a beautiful, large house where someone important, like a king, lives.
Have you ever seen Buckingham Palace? That's where the Queen of England lives, and it's an enormous, ornate, heavily guarded building, which is typical of palaces. Palaces are lavish and over-the-top, because they are usually the home of a ruler such as a king, queen, or dictator. If you don’t live like a king, take comfort in this quote from the English poet John Donne: “Be thine own palace, or the world’s thy jail.”