The Javascript return statement is used to return a value from a function. It terminates the function from further executing code, and returns a value to the caller.
Here is an example using return false to disable the normal functionality of a link.
I use the following code to disable normal functionality of my link so that when I use it to enable my Javascript, the pound sign will not show up in the user address bar when they click my anchor element. Using return false as the value of the "onclick" event makes that possible.