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Movement Speed is a measure of how fast you can move. Higher movement speed allows you to get from point A to point B quicker, and use less stamina in the process. Your Weight will also affect your movement speed. If you are carrying too much weight, it will slow you down and even stop you completely.
Putting a point into movement speed will increase your speed by 1.5%. On Mobile, it will be increased by 2%. This increases your basic movement speed, as well as your sprinting speed. Points spent in Movement Speed also improve your swimming speed by 1.2%. This benefit is cumulative with any swimming speed bonuses from your Oxygen stat.
To calculate the absolute speed of a creature, look up its base speed, and multiply that by its Movement Speed factor.
Both wild and tame creatures are unaffected by naturally boosted speed stats, although they do benefit from points put in to speed via leveling.
Many attack effects, such as a Spider's web attack, can slow you down.
Eating Focal Chili will temporarily increase your movement speed.
After Patch 256, flying mounts are unable to have their movement speed increased.
After Patch 259, you gain 1.5% Movement Speed instead of 2% per skill point.