To be venerable is to be admired and respected because of your status or age. You become venerable by achieving great things or just by living long enough.
The adjective venerable means "admired" and "respected" — it should describe how you feel about old folks and bosses, for example. It describes the wise old man at the top of the mountain who tells you the meaning of life. As a noun, the Venerable refers to someone high up in a religion, usually Christian. In fact, Saint Bede, who is sometimes called the Father of English History, is often referred to as the Bede the Venerable.