This sentence is an old Chinese saying. It literally means there are a lot of conflicts or turmoil in life, which are unnecessary and avoidable if you have endured or given way just a little. Then maybe you can find a happier way out.
If you are looking for a translation of this sentence, there are a few versions, literally or figuratively, for your reference. I have divided the sentence into 2 parts (the numbering is not meant to be in pairs) for easy reference.
忍一时风平浪静
1. Endure for awhile and all will be at peace.
2. Tolerate one moment to prevent trouble.
3. Be forbearance for harmony and peace.
4. Be patient for a second; let the wind and waves die down.
5. Endure the storms and turbulent oceans, winds will cease and waves will calm down.
6. Endure once, it will become peaceful.
退一步海阔天空
1. Give way to others and the possibilities are boundless.
2. Take one step back to view a bigger picture.
3. Fall back a step and you’ll find an endless vast before you.
4. Step back and have a brighter future.
5. Step back and reflect on how the sea is vast and the sky profound.
6. Fall back one step for boundlessness.