The significance of this story is how everything in this story represents. One must be well prepared for judgment day and not make mistakes for the time that Jesus comes. According to many books, the oil in the jars of the well prepared virgins represents the human spirit living on in a time of crisis such as judgment day. The bridegroom obviously represents the second coming of Jesus, who will be judging the living and the dead on the day he returns, according to the New Testament. The virgins represent the people that Jesus will judge during his second coming.
This parable teaches us that God will come down to judge us and that we must be prepared for him. If we are not prepared for judgment day than we will pay the consequences and be sent to hell. If we prepare well and do all the right things on the day of his judgment then we will be brought into heaven. God has a very simple guideline that he wants for us to follow on judgment day.