The Priority view displays all backlog items sorted by their priority. Defining each item's priority is a core concept in many development methodologies and helps to plan the work ahead.
If you have the access, you can also use this view to make changes to the priority settings of items, either by using the Product backlog priority column or by dragging and dropping items within the list. As you change the order of the items, the rank visible in the column on the left updates automatically.
While the entire backlog shares a common priority column you often prioritize smaller sections separately. You can filter out parts of the backlog using the built in criteria drop downs or select a report as a base filter. Selecting the report again will clear the Find field.