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The original text, a standard Latin translation, and an English translation from the Greek follow.
The Latin translation is more clearly recognizable, but less idiomatic. If rendered into English using slightly more Latinate terms, it becomes:
The most common and significant caveat made regarding the saying is that "art" (Latin: ars, translating Ancient Greek: τέχνη (techne)) originally meant "technique, craft" (as in The Art of War), not "fine art". Hippocrates was a physician who made this the opening statement in a medical text. The lines which follow: "The physician must not only be prepared to do what is right himself, but also to make the patient, the attendants, and externals cooperate." Thus in plainer language "it takes a long time to acquire and perfect one's expertise (in, say, medicine) and one has but a short time in which to do it". It can be interpreted as "art lasts forever, but artists die and are forgotten" (in this use sometimes rendered in the Greek order as "Life is short, Art eternal"), but most commonly it refers to how time limits our accomplishments in life.
The late-medieval author Chaucer (c. 1343–1400) observed "The lyf so short, the craft so long to lerne" ("The life so short, the craft so long to learn", the first line of the Parlement of Foules). The first-century CE rabbi Tarfon is quoted as saying "The day is short, the labor vast, the workers lazy, the reward great, the Master urgent." (Avot 2:20)