Aerobic respiration is the process by which aerobic organisms produce energy from oxygen and glucose. The products of aerobic respiration are carbon dioxide, water and energy. Carbon dioxide and water can be thought of as waste products and are removed/excreted. However, the valuable product of respiration is the energy that is produced. This energy is stored in the form of adenosine triphosphate, or ATP

ATP is an organic compound that provides energy to all living things, energy that is required for essential processes such as muscle contraction, propagating nerve impulses and synthesising chemicals necessary for life. It is made from adenosine diphosphate (ADP) or adenosine monophosphate (AMP) to which inorganic phosphates are added. This reaction is catalyzed by the enzyme ATP synthase and occurs as part of respiration.

Energy in the form of ATP can also be produced from anaerobic respiration, which does not require oxygen, although this process is far less efficient.

ATP can be considered an energy store, kind of like a battery. When ATP is broken down, it releases chemical energy that drives the processes of life. During respiration (both aerobic and anaerobic), ATP stores are replenished, and so life goes on!

More Info: en.wikipedia.org