200 BPM means 200 beats every minute: one beat every 0.3 seconds (300 ms), or 3.33 beats a second. In classical terms it is Prestissimo, as fast as possible (200 BPM and up).
You often hear tempos around 200 BPM in punk, fast jazz, bluegrass and country train beats. The metronome above is already set to 200 BPM in 4/4: press Start, and change the time signature, accents, subdivisions or sound if your song needs it.