The characters literally combine to mean “to look at a cat [and] draw a tiger.” The meaning is derived from the inherent absurdity of this action. A cat and a tiger, while both felines, are vastly different in scale, power, and spirit. Attempting to create the latter by observing the former is a recipe for failure. This action symbolizes any process of imitation where the method is flawed or the understanding is superficial.
`照猫画虎` is almost always used with a negative or critical connotation. It can also be used in a self-deprecating way to describe one's own clumsy, beginner efforts.