"It's on" is a popular slang phrase that's commonly used to imply that something exciting, thrilling, or competitive is about to take place. There are many other synonyms that one can use for this phrase, such as "let's do this," "game on," "let the battle commence," "let's get it started," "let the fun begin," "let the games begin," or simply "bring it on." These synonyms convey the same sense of enthusiasm and eagerness to compete or engage in an activity. Depending on the context and the tone of the conversation, some of these synonyms may be more appropriate than others.